The textile sector will witness significant expansion with an 11 % year-on-year growth in readymade garment exports, according to the Ministry of Textiles.
The August trade data showed that readymade garment exports had registered 11 % y-o-y growth. A number of schemes and policy initiatives of the government aim to leverage and catalyse these inherent strengths to help the textile sector achieve the $350 billion goal by 2030, the Ministry said in a statement.
“While over ₹90,000 crore of investments is expected to flow through the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and Production Linked Incentive (PLI) Scheme in the next three to five years, schemes like the National Technical Textiles Mission are expected to help India acquire leadership position in emerging sectors such as technical textiles,” the Ministry said.
Encouraging reports of a number of investment decisions in the pipeline are healthy portents for the industry, it added.
When completed, each of the seven PM MITRA parks will attract investments of ₹10,000 crore.
The PLI Scheme, with a total projected investment of over ₹28,000 crore and a turnover of over ₹2 lakh crore, will promote production of MMF apparel and fabrics and technical textile products.
Industry sources in Coimbatore said while the efforts of the government are a welcome move, it is imperative for the government to relax the quality control order (QCO) norms. While India is competitive globally in the cotton textile sector, it is not so in the manmade fibre (MMF) sector.
For polyester and viscose fibre, the raw material price is nearly 45% and 21% expensive respectively, they said.
Published – October 12, 2024 08:33 pm IST
