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Textile Industry Emerging Rapidly, Has More Potential To Perform Says Indian Union Minister

09-Oct-2017 | Textile Machinery

The Union Minister, Smriti Irani, stated that the textile industry has loads of potential and is growing in an accelerated way. Growing Foreign Direct Investment (FDI) has almost tripped in last three years. In the 2016–2017 fiscal year, the flow of the sector considering FDI touched the mark of $618.95 Million.

There is still a lot of potentialleft for the future based growth and thus to bring it into practicality, the government is carrying out various activities. The textile minister predicted this growth impetus at the inauguration of four-day international textiles and apparel fair named “Vastra”.

The textile sector is the second biggest employing segment in the industrial sector. As per the data, 20 Million of the employees are recruited indirectly and 45 Million are directly employed.

She stated that determined efforts are carried out for developing more opportunities to give a strong push to the industry. The government is also focusing to upgrade the skills of the employees and incentivizing the processes to give a momentum to the industry.

The weavers that got financial backing through “Mudra Yojana” have reported proof of rising income of the individual weaver by 50–60%. The minister also acknowledged the hard work of the Rajasthan Government to make the state a garment hub.

Rajpal Singh Shekhawat, the Industries Minister of Rajasthan, also said that the state is a critical textile destination in India. He also added that the state gets the pleasure of being the dominating producer of synthetic suiting material and polyester viscose yarn.

Ashok Jain, Chief Secretary said that the capital needed for the operation will be comparatively low until the employment and value addition generation is high in this segment. The expansion of garment sector is essential as there is a scarcity of water and the garment sector consumes less water. The textile is also motivating the women employment as a majority of the workforce is women in this segment.

The segment presently witnesses heavy export orders from all over the world, owing to the ethnicity of the products and creativity. More people getting into the field due to growing opportunities is driving the growth of the textile market.