Driven by the PM MITRA mega textile parks and the Production Linked Incentive (PLI) scheme for man-made fabrics (MMF) and technical textile products, the textiles sector in India is poised to attract investments worth Rs 95,000 crore over the next 3-5 years, reveals Rachna Shah, Textiles Secretary.
In addition to these two key initiatives, foreign direct investment (FDI) and other channels will also contribute significantly to the sector’s growth, with a focus on ‘sunrise sectors’ such as MMF, apparel, and technical textiles, she highlights.
Emphasising on the government's high expectations for Bharat Tex 2025, scheduled for Feb 2024, Shah anticipates, the event will not only lead to signing of new MoUs but also attract substantial investments and business generation.
Each of the seven textile parks being developed by the government is likely to attract an investment worth around Rs 10,000 crore, totaling Rs 70,000 crore, says Shah. Additionally, the PLI scheme for technical textiles and MMF is expected to attract another Rs 25,000 crore in investments, she adds. Some investments under the PLI scheme have already been initiated, and the full scope of these investments will materialise within the next 3-5 years, Shah anticipates. Alongside these initiatives, further investments would be driven by FDI and other sources, she adds.
The seven mega textile parks under the PM MITRA scheme will be established in Tamil Nadu (Virudhnagar), Telangana (Warangal), Gujarat (Navsari), Karnataka (Kalburgi), Madhya Pradesh (Dhar), Uttar Pradesh (Lucknow/Hardoi), and Maharashtra (Amravati).
The upcoming Bharat Tex 2025 will generate concrete business and investment opportunities, rather than just MoUs, Shah affirms. Launched in 2021 with a budget of Rs 10,683 crore, The PLI scheme will to promote the production of MMF and technical textiles over a five-year period, she adds.
P Kumaran, Special Secretary, Ministry of External Affairs, notes, to be held from Feb 14-17, 2025, Bharat Tex 2025 is expected surpass the previous edition in scale. This event offers an unparalleled chance to experience the dynamism and creativity of Indian textiles and gain access to both domestic and global markets, he adds.
