Sunday, 24 August 2014

FDI in textile sector jumps by 91.41% in 2013-14

Signalling a positive shift in investor sentiment in India`s textile industry, the country attracted $198.86 million foreign capital in the sector during April-March 2013-14, which is 91.41% higher than $103.89 million of FDI attracted during the same period during previous year. According to the Textiles Ministry, the FDI inflow in the sector so far stood at $11.70 million during April-May, 2014-15. The major countries contributing to FDI inflows in the country include the United Arab Emirates (UAE), Switzerland, Singapore, Luxembourg, Japan, Hong Kong, Belgium and Australia.
The country shipped $36.69 billion worth textiles during 2013 from $32.88 billion in 2012 -- up 11.58%. While the country shipped textile, clothing and handicrafts worth $34.93 billion during April-March, 2012-13, it exported clothing and textiles to the tune of% 35.42 billion during April-May, 2014-15, up 12.75% from$ 31.62 billion during 2012-13.
Further, the textile ministry underscored that the government was implementing various schemes to ensure maximum utilisation of FDI in textile sector like Technology Up-Gradation Fund Scheme (TUFS), Scheme for Integrated Textile Parks (SITP), Integrated Skill Development Scheme (ISDS). It also noted that other government supported schemes for the sector included development of technical textiles and development of the power-loom sector.

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