Prime Minister Narendra Modi has called upon banks to
increase credit accessibility for the textile industry to
meet escalating domestic and international demand, while
encouraging industry representatives to facilitate foreign
investment opportunities in India’s textile sector.
Addressing the Bharat Tex business summit, Modi
highlighted industry feedback regarding unprecedented
demand levels that currently exceed production capacity.
He noted that establishing a factory capable of employing
2,000 people requires an average investment of Rs 75-80
crore, emphasising the need for banks to be more
responsive to the sector’s financial requirements.
The Prime Minister’s appeal comes at a strategic time when
the textile industry has reported significant interest from
global buyers seeking to diversify their sourcing beyond
China, coupled with developments in Bangladesh that have
created new opportunities for Indian manufacturers.
Industry representatives have conveyed to the textile
ministry that numerous international companies are
actively exploring enhanced sourcing arrangements with
India.Modi emphasised the potential role of industry
leaders as investment ambassadors, suggesting that their
endorsement of India as an investment destination would
carry more weight than government initiatives alone.
He also outlined the government’s comprehensive approach
to strengthening domestic manufacturing, particularly in
the textile sector, through policy reforms and budget
allocations aimed at improving credit access and revising
MSME definitions.Reflecting on the progress since last
year’s Bharat Tex event, the Prime Minister referenced his
“farm, fibre, fabric, fashion and foreign” vision, which has
evolved into a national mission fostering growth across the
textile value chain. He noted that India’s textile and
apparel exports grew by 7 percent last year, though he
challenged the industry to aim for more ambitious growth
targets of 17 percent.The government has set an export
target of Rs 9 lakh crore by 2030 for the textile and apparel
sector, up from the current Rs 3 lakh crore.
Modi expressed optimism about achieving this goal ahead
of schedule, indicating strong confidence in the sector’s
growth trajectory and India’s expanding role in global
textile trade.
.gif "ITMA ASIA + CITMEE")
