FDI in textiles doubles

Foreign direct investment (FDI) in textile sector more than doubled to $618.95 million during 2016-17 from $230.13 million in the previous fiscal, Parliament was informed recently. In a written reply to Lok Sabha, Minister of State for Textiles Ajay Tamta said during the first two months of current fiscal, the sector received $21.41 million foreign inflows. He also said textile exports during 2016-17 too rose to $36 billion from $23.9 billion in the previous financial year.

In a separate reply, he said in rupee terms export of textiles and garments increased by 3.2 per cent in 2016-17. With a view to enhance investment, production and export of the textile industry, the government has launched a Rs 6,000-crore package for apparel and made-ups segments, he added.