FDI In Textiles Rose Three Times In Last Two Years, Says Textiles Minister Smriti Irani

Foreign direct investment into the country’s textile sector has gone up three times in the last one-and-a-half to two years, resonating the confidence of foreign investors in the industry, Union Minister Smriti Irani said today (6 October).

The textile minister asserted that the country’s man-made fibre sector can soon look forward to “good news” as an inter-ministerial group (IMG) has been formed to suggest measures to maximise its potential.

However, she did not elaborate on the details.

“For the first time…there is an IMG on how to leverage our potential in MMF (man-made fibre), how to make rates competitive, and I think you will hear good news very very soon,” Irani said in a discussion at the India Economic Summit.

The summit is organised by the World Economic Forum in partnership with CII. (PTI)