‘Make in India’ campaign covering 25 sectors, including the textile and garment industry, has been launched by Prime Minister Shri Narendra Modi in the presence of Who’s Who of the corporate world from India and abroad at a ceremony in New Delhi yesterday.
At the launch of the ambitious ‘Make in India’ project to make India a manufacturing hub, Prime Minister Modi promised effective and easy governance to help achieve high growth and creation of jobs.
The ‘Make in India’ scheme also puts in place the logistics and systems to address in a timely manner queries of potential investors. The scheme has been unveiled along with a logo, a web portal, and brochures on 25 identified growth sectors.
Home to 24 percent of the world’s spindles, and 8 percent of the world’s rotors, India is the world’s second largest producer of cotton and silk, and also the second largest textile manufacturer. Besides this, India enjoys a comparative advantage in terms of skilled manpower and cost of production over other major textile producers, which makes the country a preferred destination for investment.
In the coming years, increased penetration of organised retail, favourable demographics and rising income levels are expected to drive textile demand. Further, pointed and favourable policies instituted by the Government will give the industry a fillip.
Moreover, the Government of India allows 100 percent foreign direct investment (FDI) under the automatic route in the textile sector, subject to all applicable regulations and laws, which effectively backs the Make in India programme for the textile and garment industry.
Already several foreign companies have invested in India. These include textile machinery manufacturers Rieter and Trutzschler; and apparel retailers like Zara and Mango (both from Spain), Promod (France), Benetton (Italy), Esprit, Levi’s and Forever 21 (all from the US).
Under the Make in India initiative, investment opportunities for foreign companies and entrepreneurs are available across the entire value chain of synthetics, value-added and specialty fabrics, fabric processing set-ups for all kinds of natural and synthetic textiles, technical textiles, garments, and retail brands.
