homevideos Newseconomy News

Need to focus on man made textile ecosystem and attract world’s biggest textile cos to India

videos | Apr 21, 2022 7:13 PM IST

Need to focus on man-made textile ecosystem and attract world’s biggest textile cos to India

Mini

India is the third-largest textile exporter in the world after China and the European Union, but is a distant third with China exporting 10 times what India does. The production-linked incentive scheme, or PLI, for textiles, seeks to rectify some disadvantages that India suffers vis-à-vis countries upcoming countries like Vietnam and Bangladesh by way of costlier power and labour.

India is the third-largest textile exporter in the world after China and the European Union, but is a distant third with China exporting 10 times what India does. However, in the more lucrative apparel exports, India is a distant sixth having been overtaken by Vietnam and Bangladesh.

Recommended Articles

View All

The production-linked incentive scheme, or PLI, for textiles, seeks to rectify some disadvantages that India suffers vis-à-vis countries upcoming countries like Vietnam and Bangladesh by way of costlier power and labour. Last week, the Indian government selected 61 companies from a list of 67 applicants who are eligible to get incentives, if they bring in one scheme, at least Rs 300 crore of investment and achieve Rs 600 crore of turnover by the first year of performance, which is FY25.
To understand more about the government’s intention and its goals, CNBC-TV18’s Latha Venkatesh spoke to Upendra Prasad Singh, Secretary, Ministry of Textiles, and Arvind Singhal, Chairman of Technopak Advisors.
Singh said, “If we want to make the dent in the international market in a much bigger way, then we have to be producing more manmade fibre and technical textile. In technical textile the penetration level in India is also low.”
On textile exports Singhal said, “We need much bigger focus on the overall ecosystem to do with manmade textile. It is no secret that two-thirds of global consumption of clothing -- in whichever form — is out of manmade textiles. India unfortunately has a minuscule share of that particular market. Predominantly, we are focused on cotton, so to that extent, I think directionally there is nothing wrong with the PLI scheme itself.”
Singhal believes few more steps are essential to make this scheme an unqualified success. He listed out important areas where the government should focus on. He said India should focus on attracting the biggest companies in the world.
Watch video for more
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng