UAE investments to help India’s textile sector
India’s textiles sector has been attracting a lot of investment from the UAE as the country is trying to promote the exports of handloom textiles in the next 3 years.
New
Delhi
India’s textiles
sector has been attracting a lot of investment from the UAE as the country is
trying to promote the exports of handloom textiles in the next 3 years.
According to an announcement, to double the
production of handlooms and boost exports, the Ministry of Textiles is planning
to come up with a high-level, eight-member experts’ committee who will prepare
a roadmap related to achieving the said targets. This committee will be headed
by Sunil Sethi, Chairman, Fashion Design Council of India.
UAE has been able to make investments
amounting to $23.09 million in India’s textile sector in the last 5 years,
according to the Ministry. The chart of investors from the GCC in the textile
sector has been topped by the UAE followed by Oman and Qatar. The ministry has also announced that the
government is releasing funds worth Rs 1.25 billion for 8 Centres of Excellence
in textile research across the country.
As per the statement released by the
ministry, 10 new Handloom Design Resource Centres will also be set up by the
National Institute of Fashion Technology (NIFT). The objective of these centres
will be to create design-oriented excellence in handlooms so that exports can
be facilitated.
As per Darshana Jardosh, The Minister of
State for Textiles, handlooms represent the rich culture of the country and
this sector offers employment to 70% of women.
Source – Emirates News Agency
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