In the previous ten years, the textile sector has garnered Rs. 203,000 crore in investment
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02 February 2022, Mumbai:
According to the Economic Survey for 2021-22, the textile sector has received close to Rs. 203,000 crore in investment over the previous decade, employing nearly 105 million people, directly and indirectly, the majority of whom are women.
It further stated that, despite being severely harmed by the lockdowns, the industry has made a remarkable comeback, as seen by the 3.6 percent increase in the Index of Industrial Production from April to October 2020.
The textile sector in India is the country's second-largest employer, after only agriculture. According to the poll, the Production-Linked Incentive (PLI) programme would attract Rs. 19,000 crore in new investment in the textile sector over the next five years.
This might result in a total turnover of over Rs. 3 lakh crore and the creation of over 7.5 lakh new jobs in the industry.
The study also revealed that, in order to boost the sector's competitiveness, the government announced the establishment of seven PM Mega Integrated Textiles Region and Apparel Park (MITRA) parks in October 2021, with a total investment of Rs. 4,445 crore.
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