PM MITRA will hasten decision making in favour of India, says FIEO Chief
India is on the radar of global investors looking for investment and expansion outside China, says FIEO Presidenty Dr A Sakthivel as he projected textile export soaring to US$100 billion by 2030.
With realignment of the global value chain and focus on friend-shoring, schemes like PM MITRA will hasten the process of decision making of such investors in favour of India, said Dr. Sakthivel as he welcomed announcement of textile parks.
The Government is setting up seven PM Mega Integrated Textile Region and Apparel (MITRA) Parks, in Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh.
The mega textile parks, proposed to be set up in the next three years, would have world class infrastructure with plug and play facilities to encourage investors to commence production within weeks.
“The modern industrial infrastructure facility for the entire value-chain of the textile industry will also significantly reduce the logistics costs and improve competitiveness of our textile exports with access to state of art technology,” FIEO Chief said on 17 Mar 2023.
India has a distinct advantage in the textile sector with abundance of natural fibres, skilled manpower and competitive wages.
“Besides, we are in the entire value chain of textile from fibre-yarn-fabrics-made ups and garments,” he highlighted.
“The PLI Scheme will soon address our concerns in the man-made segments as well.”
The PM MITRA mega textile parks will significantly boost the textile sector in line with the 5F (Farm to Fibre to Factory to Fashion to Foreign) vision, added Kulin Lalbhai, Chairman, CII National Committee on Textiles and Apparel.
“These parks will aid the Indian textile industry to leverage economies of scale, provide state- of- the art infrastructure, attract large investments and create lakhs of jobs,” he said. fiinews.com
