Prime Minister Narendra Modi on Monday inaugurated the Bharat Tex-2024, a four-day global textile event at Delhi's Bharat Mandapam. Speaking at the event, Modi said, "The way a loom joins threads together, this event is combining threads of India and the world."
"Today, over 3000 exhibitors from over 100 countries, 3,000 buyers, and 40,000 trade visitors have come together to attend this event. This event has become a platform for the members of the textile ecosystem to meet and share their thoughts...," he said.
PM Modi said that his government is working to further increase the contribution of textile sector in building a developed India.
He said that the Centre is connecting all elements of textile value chain with Fs.
"This journey of the five F's - farm, fibre, factory, fashion and foreign, in a way the whole scene is in front of us, keeping this principle of the five Fs in mind, we are encouraging farmers, MSMEs, and exports," Modi said.
PM Modi also highlighted that the Union government has amended the definiton of what constituts Micro, Small and Medium Enterprises (MSME) in terms of investment and turnover.
"This will help companies get the benefits of government schemes despite their size. We have also tried to reduce the gap between artisans and the market," he added.
In his address, PM Modi noted the increase in the valuation of textile sector in the country since 2014.
"In 2014, the valuation of the textile market of India was less than Rs 7 lakh crores, today, it has crossed Rs 12 lakh crores. During the last 10 years, there has been a 25% rise in the production of yarn, fabric and apparel. The government is very much focused on quality control in the textile sector...," he said.
Ahead of the inauguration, the Prime Minister inspected the exhibitions and interacted with the exhibitors.
Union ministers Piyush Goyal and Darshana Jardosh were also present during the event.
Bharat Tex-2024 is being organised by a consortium of 11 Textile Export Promotion Councils with the help of the Centre.
The event will have more than 65 knowledge sessions with more than 100 global panelists who will be discussing various issues relevant to the sector and will be attended by policymakers and global CEOs, over 3,500 exhibitors, more than 3,000 buyers from over 100 countries, and more than 40,000 business visitors besides textiles students, weavers, artisans, and textile workers.
The event draws inspiration from PM Modi's 5F Vision and is focused on a unified farm to foreign via fibre, fabric, and fashion focus, covering the entire textiles value chain, as per a statement by the Prime Minister's Office on Sunday.
Dedicated pavilions on sustainability and circularity; an 'Indi Haat'; fashion presentations on diverse themes like Indian Textiles Heritage, sustainability, and global designs; as well as interactive fabric testing zones and product demonstrations could be seen in the event.
The event is expected to make more than 50 announcements and ink over 50 Memorandums of Understanding.
Bharat Tex-2024 is built on the twin pillars of trade and investment, with an overarching focus on sustainability, the PMO statement said, adding, that it will showcase India's prowess in the textile sector and reaffirm its position as a global textile powerhouse.