Indian Economy News

At Bharat Tex, Prime Minister, Mr. Narendra Modi asks the textile industry to think globally.

  • IBEF
  • February 27, 2024

During the inauguration of Bharat Tex 2024 in New Delhi, Prime Minister, Mr. Narendra Modi urged the country's textile industry to adopt a global perspective and not limit its focus solely to the Indian market. Emphasizing India's historical prowess in anticipating global trends, he encouraged stakeholders to align with changes worldwide, particularly in response to a growing inclination towards basics in clothing. He commended the Indian textile industry's contribution during the COVID-19 pandemic, citing the global supply of PPE kits and masks, and called for collaborative efforts to position India as a textile export hub.

Prime Minister, Mr. Narendra Modi assured the industry of government support, urging them to conduct surveys and reports on global fashion preferences. He advocated for leading the world in the sector rather than merely following foreign fashion trends. Addressing India's vision of becoming a developed nation by 2047, the Prime Minister underscored the vital role of the textile industry, which has witnessed substantial growth over the last decade. The industry's size has increased from US$ 84.5 billion (Rs. 7 trillion) to US$ 120.7 billion (Rs. 10 trillion), and foreign direct investment between 2014 and 2023 doubled compared to the preceding decade. Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Mr.Piyush Goyal emphasized the need for the industry to strengthen the local supply chain, emphasizing skill development, speed, and scale to achieve the 2030 targets of a US$ 250 billion production value and a US$ 100 billion export value.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.