Prime Minister Narendra Modi is set to inaugurate 'Bharat Tex,' India's largest textile event, in the national capital on February 26, an official statement issued by the Textile Ministry said. The 4-day event, commencing on Monday, is going to witness the signing of 46 MoUs, including international partnerships.
"Bharat Tex will be spread across a 22 lakh sq ft exhibition area," informed Rachna Shah, Secretary of the Textiles Ministry, on Friday, as per the statement. She further stated that representatives from 100 countries and over 3,000 trade buyers will participate in the event.
"This is our effort at projecting Brand India before an international audience. This will showcase the entire strength of the textile ecosystem, which is unique to India," she said further.
The statement said that during the media briefing, Shah also revealed that the Textile Ministry is actively collaborating with participants of the Rs 10,683 crore Production Linked Scheme (PLI) for the sector to address any challenges and genuine concerns.
News agency PTI reported citing officials, the ministry has received industry feedback regarding expanding the coverage of the PLI scheme in terms of incentives. The PLI scheme, with an approved outlay of Rs 10,683 crore, was launched by the Centre to foster the production of man-made fiber (MMF) apparel, MMF fabrics, and technical textile products in the country, aiming to bolster the competitiveness and scale of the textiles industry.
"We are always trying to resolve and working with our PLI participants to resolve any issues around that. Whatever demands we receive from them, we are trying to bring in as much flexibility as possible to address genuine hardships," Rachna Shah outlined, as per the statement issued by the ministry. She disclosed that the scheme currently boasts 64 participants, with 10-15 additional applications under review for selection, as the ministry reopened the application window, foreseeing investments of Rs 25,000 crore.
"We are expecting an investment of Rs 25,000 crore in PLI in MMF, Apparel, and Technical Textile with the creation of 2.5 lakh additional jobs," the Textile Secretary said.
Discussing challenges pertaining to textile exports from India and the competitive edge held by countries such as China, Vietnam, and Bangladesh, she highlighted the "tariff disadvantage" faced in certain markets. The government, she added, is exploring Free Trade Agreements (FTAs) and bilateral trade pacts to address this issue.