India Invites Global Investors to Become Part of Country’s Textile Success Story
DUBAI, NOVEMBER 28, 2021: India invited investors from the United Arab Emirates (UAE) and other parts of the world yesterday to become part of the country’s success story in textiles facilitated by the Production Linked Incentive (PLI) and PM Mega Integrated Textile Region and Apparel Parks (PM MITRA) schemes.
At a global investor summit, organised as part of the ongoing ‘Textile Week’ at the India Pavilion in EXPO2020 — ‘India- The Preferred Sourcing Partner for Textiles & Clothing’ — government representatives and industry stakeholders said that Dubai is a great platform for the Indian textile industry to target the Middle East and North Africa (MENA) markets and beyond.
The participants deliberated on the potential of the Indian textile sector and deepening engagement with the UAE and the world. Highlighting the strong network between India and the UAE, speakers said that the UAE is a preferred destination for India due to its strategic location, and the two nations also share strong trade and cultural ties.
In his inaugural address, Mr. Vijoy Kumar Singh, Additional Secretary, Ministry of Textile, said, “Dubai offers a huge potential to the Indian textiles sector. We have a very strong textile manufacturing industry that employs a large number of people, and also have a robust exporting base. With the help of the PLI scheme, we are now trying to strengthen the sector and promote the production of high-value Man-Made Fibre (MMF) fabrics, garments, and technical textiles.”
Mr. Singh added, “We are also working towards organizing the textile sector with the help of the PM Mega Integrated Textile Scheme that will assist us in meeting the global levels of sustainability as well.”
India has launched PM Mega Integrated Textile Region and Apparel Parks (PM MITRA) scheme with an outlay of INR 4,445 crore (USD 600 Bn) to build 7 mega textile parks. These parks will create a modern, integrated large-scale, world-class industrial infrastructure including plug ‘n’ play facilities.
India is among the fastest developing countries globally and has the potential to surpass leading countries. The textile sector in India has been contributing to transformation by attracting investment, generating employment, and enhancing foreign exchange earnings.
In his special address, Mr. Jay Karan Singh, Trade Advisor, Ministry of Textiles, said, “The Indian textile sector focuses on creating reliability, maintaining quality, and ensuring sustainable development.”
He added, “We invite the UAE and other global investors to avail the various incentives and become part of India’s success story.”
Dr. Aman Puri, Consul General of India in Dubai, in his keynote address, also highlighted strong relations of India and the UAE and the potential of taking advantage of Dubai’s strategic location for the Indian textile sector to expand globally.
Dr. Puri said, “The connection between the UAE and Indian business entities has enabled trade and commerce to grow with the region. Indian businessmen in the sector must look at Dubai as a springboard for their entrepreneurial journey and global expansion in the MENA region and beyond.”
Emphasising the opportunity that Expo 2020 offers, he said, “We must showcase and disseminate the initiatives offered by the Government of India in the form of PLI scheme, PM MITRA Scheme and the opportunity to invest in textile parks and help the Indian and UAE trade relationships reach its true potential.”
The event also witnessed participation from many stakeholders in the sector, including Dr. A Sakthivel, Chairman, Apparel Export Promotion Council; Mr. Chandrasekaran Thuvarapalayam Visvanathan, Chairman, Handloom Export Promotion Council; Mr. M.A Ramasamy, Chairman, Powerloom Development & Export Promotion Council; Mr. Umar Hameed, Chairman, Carpet Export Promotion Council; Mr. Sanjeev Dhir, Chairman, Wool & Woollens Export Promotion Council; Mr Bhadresh Dodhia, Vice Chairman, The synthetic and Reyon Textiles Export Promotion Council.
Participating members also included Mr Aakash Mittal, Vice Chairman, The Indian Silk Export Promotion Council; Mr. K.K. Lalpuria, Board Memberand Chairman of the Made ups Sub – Committee, The Cotton Textiles Export promotion Council, Mr. Rakesh Kumar Verma, Executive Director, Export Promotion Council for Handicrafts, Mr. Chandrasekhar Bhatia, Chairman, Global Business Federation, Dr S Sunanda, Secretary General, Confederation of Indian Textile Industry, Mr. Mahesh Advani, Chairman, Texmas, Mr. CA. Sahitya Chaturvedi, President MENA.
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