New Delhi, Oct 21 (PTI) India's textiles sector is expected to attract investments to the tune of Rs 95,000 crore from the seven PM MITRA mega textile parks and the PLI scheme for man-made fabrics and technical textile products in the next 3-5 years, Textiles Secretary Rachna Shah said on Monday.
Apart from the two schemes, the textiles sector will also draw investments from several other channels like FDI (foreign direct investment), she shared, highlighting the government's focus on promoting "sunrise sectors" of man-made fabric, apparel and technical textile.
The textiles secretary informed that "much more substantive outcomes" are being envisaged from the Bharat Tex 2025 mega textiles event to be held in February next year, in terms of not only MoUs but also investments and business generation.
"We are having 7 textile parks so each of them is expected to generate something like Rs 10,000 crore of investment, that's about Rs 70,000 crore and another Rs 25,000 crore under the PLI scheme for technical textiles and MMF fibre.
"Some of the investment under PLI has already been grounded and in the next 3-5 years or so we should have these large investments coming under the schemes itself. Apart from the schemes, of course a lot of other investment will also be happening, of course there would be FDI and investment from other sources," the Textile Secretary told PTI.
The seven mega textiles parks under PM MITRA scheme are coming up in Tamil Nadu (Virudhnagar), Telangana (Warangal), Gujarat (Navsari), Karnataka (Kalburgi), Madhya Pradesh (Dhar), Uttar Pradesh (Lucknow/Hardoi) and Maharastra (Amravati).
"We are certainly looking at much more substantive outcomes not just MoUs but business getting generated and investments, etc. happening," Shah said on Bharat Tex.
The government approved the Rs 10,683 crore PLI scheme for the textiles sector in 2021, aiming to promote the production of man-made fabric and technical textile products over five years.
"Bharat Tex 2025 to be held in February is expected to be even bigger than Bharat Tex 2024. We invite you to join Bharat Tex not only as attendees but also as partners and to explore joint ventures for investments and to explore sourcing opportunities. The event represents a chance to experience first-hand energy and creativity of Indian textiles while gaining access to Indian market and export channels world-wide," Special Secretary in the Ministry of External Affairs P Kumaran said.
He was addressing an interaction between the government and foreign missions in India to drive engagement on Bharat Tex 2025, slated to be held from February 14-17.