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India to launch Focused Product Investment Scheme for MMF

Aug '20
Pic: Shutterstock
Pic: Shutterstock
India will launch a Focused Product Investment Scheme to attract funding in the man-made fibre (MMF) segment to boost its share in the global textiles market, according to textiles secretary Ravi Capoor, who recently told the Invest India Exclusive Investment Forum (Japan Edition) through video conference that the scheme aims to promote both greenfield and brownfield investments in the segment.

Under greenfield investment, a company builds its new facilities, whereas brownfield funding takes place when a firm purchases or leases an existing facility.

The government is in the advanced stage of finalising setting up of integrated mega textiles parks, proposed to be established near ports, Capoor was quoted as saying by a news agency.

Efforts are also underway to position India as one of the major producers of technical textile as the country's share in that segment is poor, he said.

The textile ministry wants to set up at least two textiles machinery manufacturing parks and is looking forward to a major investment from Japan in the segment.

The manmade fibre segment comprises 70 per cent of the global textiles trade. The size of India''s textiles industry is close to $150 billion, of which $40 billion is exported.

Capoor said a Tirupur-Tokyo partnership programme has been proposed wherein certain clusters could be dedicated for supply to Japan.

He said the government is in the process of setting up a joint desk to address quality concerns as much of the exports from India to Japan are hampered because of certain quality issues.

Fibre2Fashion News Desk (DS)

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