New Delhi: Textile parks will act as a catalyst in achieving USD 100 billion export target by 2030 and help attract large-scale investments in the textile sector, said Sunil Patwari, chairman, Cotton Textile Export Promotion Council (Texprocil).
Last week, PM Modi announced that seven PM MITRA textile parks will be established in Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh, and Uttar Pradesh.
Welcoming the announcement, Patwari said, “The parks are the need of the hour to attract large-scale investments from across the world in the textile sector and will serve as a catalyst in achieving the export target of US$ 100 Bn by 2030.”
PM MITRA mega textile parks will boost the textiles sector in line with 5F (Farm to Fibre to Factory to Fashion to… https://t.co/E2Vwm9qKYV
— Narendra Modi (@narendramodi) 1679042182000
PM Modi said that the parks will boost the textiles sector in line with the 5F (Farm to Fibre to Factory to Fashion to Foreign) vision.
The government has provided an outlay of Rs 4,445 crore for textile parks and expects to draw an investment of around Rs 70,000 crore. In the post-COVID era and growing focus on the ‘China Plus One’ policy, India is attracting the attention of global investors.
Patwari pointed out that the textile parks will strengthen the foundations of ‘Atmanirbhar Bharat’ helping India emerge as a strong player in global trade in textiles and clothing.
Further, he commented that with world-class infrastructure and integrated facilities, the mega textile parks will encourage investors to commence production with minimum delays and also reduce the cost of manufacturing, making textile exports competitive.
Tamil Nadu Chief Minister, MK Stalin recently thanked PM Modi for announcing a PM MITRA textile park in the state. He said that it will be a boost to the textile sector in southern Tamil Nadu.