Indian textiles sector attracts UAE investments

Indian textiles sector attracts UAE investments

By Krishnan Nayar

NEW DELHI, 22nd August, 2021 (WAM) – The UAE is emerging as a growing investor in India’s textiles sector even as India steps up its efforts to quadruple the exports of handloom textiles in the next three years.
The Ministry of Textiles here today set up a high-level, eight-member, experts’ committee to double the production of handlooms and boost exports. The committee has been tasked with preparing a roadmap to achieve these targets, an announcement said.
Investments from the UAE in India’s textiles sector, a new area of entrepreneurial interest, amounted to US$23.09 million in the last five years and is growing, the Ministry said in a statement on foreign direct investments, which covered the period up to 31st March 2021, which marks the end of the financial year in India.
The UAE topped the chart of investors from the GCC in the textile sector with Oman and Qatar in second and third places.
The high-level committee is headed by Sunil Sethi, Chairman, Fashion Design Council of India. It has been asked to submit its report in 45 days.
Simultaneously, the government has released funds worth Indian rupees 1.25 billion (US$16 million) for eight Centres of Excellences in textile research across India, the Ministry announced.
In addition, 10 new Handloom Design Resource Centres are to be set up by the National Institute of Fashion Technology (NIFT) “with the objective to build and create design-oriented excellence in handlooms to facilitate exports,” the Ministry’s statement said.
The NIFT’s 17 campuses across India have been serving as “knowledge service providers in the area of design development and positioning of handlooms.” These initiatives have been occasioned by the National Handloom Day, which falls in August.
The Minster of State for Textiles, Darshana Jardosh, said on this occasion that “handlooms are a symbol of India’s rich and varied cultural heritage.” She said this sector is also a vehicle for women’s empowerment since more than 70 per cent of all weavers and allied workers in India are women.