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FDI in textiles sector doubled in 2016-17 to touch $618.95 million

Foreign direct investment in India’s textile sector more than doubled to $618.95 million during 2016-17 up from $230.13 million in the previous fiscal. During the first two months of the current fiscal, the sector received $21.41 million in foreign inflows. Textile exports during 2016-17 too went up to $36 billion from $23.9 billion in the previous financial year. In rupee terms textile and garments exports increased by 3.2 per cent in 2016-17.

It maybe recalled with the aim of enhancing investment, production and exports, a Rs 6,000 crores package was launched for the apparel and made-ups segments last year.

Meanwhile cotton production may rise 12 per cent during 2017-18. Export of raw cotton from India witnessed a significant increase in recent years along with decreased cotton imports into the nation. The country is now the second largest textile and clothing exporter in the world, contributing around five per cent to the global textile and clothing trade. The Indian textile industry is estimating cotton production at 380 million bales against 340 million bales produced last year.

During the last 16 years, the area under cotton production has doubled with about 10 million farmers producing cotton in India.