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The Indian government is likely to float second productivity linked investment scheme ( PLI -2) so that other segments of the textile sector can also be promoted, minister of state for textile darshan vikram told fiber2 fasion after the inauguration of Fashion Meet- Expo at Gurugram on Thursday.
Over 500 top fashion buyers, exporters, manufacturers and foreign delegates from Australia, Canada and Korea are participating in the two-day expo organised by the apparel export promation council (AEPC). The minister said that many segments were left out in the previous PLI scheme. “Since the government wants to promote all the segments in the textiles sector, the Ministry of Textiles will prepare a fresh proposal for PLI-2 for approval.”
About the timeline of new PLI scheme, the minister said that the government needs to consider financial implications of the scheme. “PLI scheme will boost textile industry in the country as per government’s vision of Local for Global,” Jardosh said at the inaugural session of the expo.
Recently, the government has announced the selection of 61 investment proposals under PLI with a total investment of ₹19,077 crore. But the target was not fully achieved in terms of investment, employment, business and approved subsidy.
Speaking about the AEPC event, the minister said that such events and expo create vibrancy in the industry and bring buyers-seller on a single platform. She emphasised on the need of diversification in the textiles sector to focus on man-made fibre. “Indian textile industry has vast potential to expand in the global market. India is a leading supplier in a number textile items in global market. India’s share of various products is increasing constantly. But the entire value chain should be developed,” she added.
In his speech at the inaugural session, AEPC chairman Narendra Goenka said, “Indian textile industry has potential to expand its market share in the global market. It needs support from the government to achieve the export target.” He appreciated the government’s initiatives like PLI and other programmes which will be instrumental for further growth.
The Fashion Meet- Expo ’22 hosted by AEPC - BAA - NAEC in collaboration with SOWTEX witnessed a footfall of over 500 fashion buyers, exporters and manufacturers besides participation of foreign delegates from Australia, Canada and Korea. The event included panel discussions, tech talk, tech innovation, and business growth.
Experts from the industry discussed on topics such as conceptualisation of Design Studio at Apparel House, stitching the Value Chain with Sustainability & Traceability, improvement of efficiency using the latest technology, Digital Efficiencies SMART Production Automation and quick & easy Ways to Build Fashion Exports. Industry experts such as Sevraj Syed, Director, TUKATECH, Europe; Puneet Dudeja, Director- Business Development, WGSN; Sonil Jain, Co-Founder & CEO, Sowtex Network; and several others shared their views and insights.
The two-day event aims to digitise textile eco-system and fast track design development process to capitalise on India’s recent FTAs with partner countries and achieve the target of $100 billion fashion exports by 2030.
Alongside the event, there is a showcase of selected 50 fabrics and trims manufacturers and fashion technology companies from India with their product development capabilities along with USPs based on trends, materials, technology to fashion buyers and manufacturers looking for sourcing quality, sustainable and innovative materials for domestic and international markets.
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