The flow of work orders to the garment industry is rebounding strongly due to the reopening of retail and branded stores in Europe and the US, the two main export destinations for the apparel manufacturers in Bangladesh.
It is expected that this scheme will result in fresh investment of above Rs 19,000 crore and additional production turnover of over Rs 3 lakh crore in five years.
India’s textile and apparel exports to the United States, its single largest market, were up 55 % in the first seven months of 2021.
Piyush Goyal, Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution stated that PLI Scheme for Textiles & MITRA Parks Scheme is at an advanced stage of Approval.
Textile traders in Surat are worried over pending payments of about Rs 4,000 crore from Afghanistan which have got stuck with the Taliban taking control of the country.
Textile minister Piyush Goyal said that the sector will achieve $44 billion exports target in FY22, and in the next five years, is set to aim for $100 billion outbound shipments.
The first ‘textile parcel’ special train customised to carry textile material left Gujarat for Bihar with an aim to boost Surat’s textile market through an economical, faster and safer mode of transport.