Government's 5-Year, 70,000 Crore Investment in PM MIT

The government aims to position itself as a textile source and investment destination through the seven Pradhan Mantri Mega Integrated Textiles and Apparel Parks (PM MITRA), investing 70,000 crore over the next five years, Textiles Secretary Rachna Shah said. The government is trying to attract FDI through PM MITRA and various other schemes

We hope that the seven PM MITRA parks will emerge as growth centers for the textile industry seeking the support of global investors to invest in India and source textiles from India, Shah said. The ministry is also focusing on increasing the footprint of technical textiles, which is a growing market.

Currently, India exports technical textiles, including medical garments, worth $2.5 billion and we aim to increase this to $10 billion in the next five years, the secretary told Mint. The Ministry of Textiles is organizing a first-of-its-kind mega textile exhibition, Bharat Tex 2014, in February to attract global players to invest in the sector and procure textiles.

"We are the second largest producer of cotton and a leading player in the silk industry. Availability of raw material, skilled labour and technological upgrading are our main strengths that we show to the world to attract foreign direct investment in the sector, Shah said.

The global mega textile event will be held in New Delhi from 26th to 29th. in February at Bharat Mandapam and Yashobhoom.