Textile, Tourism, Technology: Prime Minister Mr. Narendra Modi's 'mantra' for India's development

On Monday, Prime Minister Mr. Narendra Modi highlighted textiles, tourism, and technology as key sectors for India's development, stating they will generate "crores" of new jobs. Addressing the Madhya Pradesh Global Investor Summit in Bhopal, he noted that India, the world's second-largest cotton producer, has a rich textile tradition, skilled workforce, and strong entrepreneurial base. Calling Madhya Pradesh the "cotton capital" of India, he pointed out that the state contributes 25% of the country’s organic cotton supply. India ranks sixth globally in textile and apparel exports. 

The Central government aims to achieve Rs. 86,680 crore (US$ 10 billion) in technical textile exports under the National Technical Textiles Mission, launched in FY21 and extended until FY26 with a financial outlay of Rs. 1,480 crore (US$ 170.74 million). India's technical textile exports range between Rs. 17,336 crore (US$ 2 billion) and Rs. 26,004 crore (US$ 3 billion). He also stressed the importance of water security for industrial growth, highlighting efforts in water conservation and the river interlinking mission. He cited the Rs. 45,000 crore (US$ 5.19 billion) Ken-Betwa River Linking Project, which will enhance productivity across 10 lakh hectares of farmland. Additionally, he reiterated the government's focus on empowering the middle class, mentioning the restructuring of tax slabs in the Union Budget, making income up to Rs. 12 lakh (US$ 13848.28) tax-free to stimulate demand and boost local supply chains for self-reliance in manufacturing.

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