Indian Economy News

Foreign Direct Investment (FDI) brought investment of US$ 1,522.23 million in the textile sector from 2017-2022

Ms. Darshana Jardosh, Union Minister of State for Textiles, shared that as per Economic Survey 2021-22, the employment in the unorganized sector in 2019-2020 was US$ 5.3 million (Rs. 43.99 crores).

The government of India has taken various measures to modernize the textile industry, enhance export and promote Foreign Direct Investment (FDI) in the textile sector. These measures include setting up of Seven Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) parks in greenfield sites, Production Linked Incentive (PLI) scheme for textiles, allocation of US$ 18 million (Rs. 4,445 crores), implementation of Silk Samagra-2 Scheme, National Technical Textiles Mission (NTTM), 13 Free Trade Agreements (FTAs) and six Preferential Trade Agreements, etc. An investor-friendly and transparent Foreign Direct Investment (FDI) policy has also been put in place and received an investment of US$ 1,522.23 million from 2017-2022.

Several Memorandum of Understanding (MoUs) has also been signed with other countries to boost the textile industry in the country.

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