Foreign direct investment (FDI) of $199 billion was made in India’s textile sector in the financial year 2013-14, government data shows.
Thereafter, for the period April-May 2014, the country’s textile sector attracted FDI worth $11.70 million, according to the textiles ministry.
“The government is implementing various schemes to ensure the maximum utilisation of FDI in textile sector like Technology Upgradation Fund Scheme (TUFS), Scheme for Integrated Textile Parks (SITP), Integrated Skill Development Scheme (ISDS), Scheme for development of Technical Textiles, and Schemes for the development of the Powerloom Sector etc.” the ministry said in a statement here.
Signalling a positive shift in India’s textile export, the country shipped $36.69 billion worth during 2013 from $32.88 billion in 2012 — up 11.58 percent.
The country had shipped textile, clothing and handicrafts worth $34.93 billion during April-March, 2012-13.
Exports of clothing and textiles roped in foreign currency inflows of $35.42 billion during April-May, 2014-15, up 12.75 percent from $31.62 billion during 2012-13.
Figures obtained from Foreign Trade Statistics of India and Directorate General of Commercial Intelligence and Statistics (DGCI&S), Kolkata, the exports of clothing and textiles stood at $32.94 billion in 2011-12.
Statistics from Global Trade Information Service showed that China’s textile exports grew to $274.05 billion during 2013 from $246.12 billion during calendar 2012.
European Union’s textile exports grew to $56.11 billion from $53.057 billion and the US’s $26.76 billion from $26.56 billion in the like period.
The textile ministry said the government is helping the industry by exploring new markets by holding exhibitions in the Russian Federation, Israel, Eastern Europe, Latin American countries and other non-traditional markets.
“The government is providing grants under market access initiative and market development assistance scheme for this purpose,” the ministry said.
(IANS)