Business

FDI In The Textile Sector Tripled in 3 Years, Says Union Textile Minister Smriti Irani

Union Textiles Minister Smriti Irani inaugurated the 6th edition of the four-day international ‘Vastra’ textile and apparel fair in Jaipur, Rajasthan.

Addressing the function, she said that the success of Textiles India 2017 was due to the combined efforts of the textile ministry and the apparel industry, adding that foreign direct investment (FDI) in the textiles sector had tripled in tripled in the last three years. Though FDI had touched 618.95 million U.S. dollars in 2016-17, there is still a huge potential for further growth, she said.

She said the central government understands that the sector needs additional support and that the Prime Minister's initiative of Mudra Yojna has benefited weavers and their incomes have shown a tremendous increase within 60 days from the date of loan availed.

The minister also spoke about how skill development has enhanced the quality of placements in the textile industry.

Meanwhile, the sixth edition of ‘Vastra’ which began from September 21 to September 24 in Sitapura at the Jaipur Exhibition and Convention Center (JECCC) began showcasing the latest products, from threads to clothing and made ups. More than 250 exhibitors from 13 states are set to showcase their products.

Approximately 300 foreign buyers from more than 50 countries and 200 Indian business houses and 200 representatives of agents will also participate in this international fair.

The first three days of the trade fair will be for business-to-business (B2B) interactions. On the last day, the general public will be able to visit and make purchases. Also scheduled are a series of round table conferences based on the theme 'Making Rajasthan A Garment Hub'.