India to look for innovative partnerships at EXPO2020 to become preferred sourcing partner for global textile industry
Dubai [UAE], November 24 (ANI/NewsVoir): India will pitch for becoming the preferred sourcing partner for the global textile industry during the textile week at the India Pavilion in EXPO2020, Dubai, starting on Friday.
Minister of State for Textile & Railways, Darshana V Jardosh will inaugurate the 'Textile Week' virtually, and is slated to invite the global investors to invest in the Indian textile value chain and make it a preferred sourcing partner. Talking about the upcoming textile week (26th Nov - 2nd Dec), she shared, "Indian textile is world-renowned as it not only represents country's glittering past but also matches up to the demands of the modern times. India is the world's second-largest exporter of textile and clothing and focuses on both quality and scale of production to become the global manufacturing hub and represents an immense opportunity for global investors and buyers."
The 'Textile Week' at India Pavilion will see many activities including roundtable discussions on India as a sourcing and investment destination for textiles along with the production linked incentive (PLI) scheme.
Interestingly, India is recognized as one of the best sourcing destinations for garments, textiles & accessories. Textile share in India's GDP is estimated at around 2.3% and is the largest employer, employing about 45 million workers. India's FDI policy is recognized as the most liberal in emerging economies, which allows 100% investment under the automatic route in the entire textile value chain.
India's Minister for Commerce and Industry, Textiles, Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal has urged the textile industry 'to focus on speed, skill and scale and get into innovative partnerships'.
The government has also recently approved a PLI scheme worth Rs. 10,683 for domestic technical textiles firms, and manufacturers of fabrics and apparel in the man-made fibre segment.
A high-level delegation led by Shri Vijoy Kumar Singh, Additional Secretary, Ministry of Textiles, Government of India, will be meeting global business federations along with various industry chambers during the 'Textile Week' to explore potential business tie-ups through investor connect programmes.
The Week will also have a fashion show by the National Institute of Fashion Technology, India.
Apart from Vijoy Kumar Singh, these meetings will see participation from Jay Karan Singh, Trade Advisor, Ministry of Textiles, Dr A Sakthivel, Chairman, Apparel Export Promotion Council, Chandrasekaran Thuvarapalayam Visvanathan, Chairman, Handloom Export Promotion Council, Dhiraj Rai Chand Shah, Chairman, The Synthetic & Rayon Textiles Export Promotion Council, M.A Ramasamy, Chairman, Powerloom Development & Export Promotion Council, Umar Hameed, Chairman, Carpet Export Promotion Council, Sanjeev Dhir, Chairman, Wool & Woollens Export Promotion Council, Naresh Kumar Sadh, Chairman, The Indian Silk Export Promotion Council, Prem Malik, Past Chairman, The Cotton Textiles Export Promotion Council & CITI and Vice Chairman, NSL Textiles Ltd., T. Raj Kumar, Chairman, CITI, Siddharth Lohariwal, Vice-Chairman, Jute Products Development & Export Promotion Council & Rakesh Kumar Verma, Executive Director, Export Promotion Council for Handicrafts and other industry stalwarts.
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