FDI in textile sector up 91 percent in 2013-14

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SME Times News Bureau | 16 Aug, 2014
Signalling a positive shift in investor sentiment in India's textile industry, the country attracted USD 198.86 million foreign capital in the sector during April-March 2013-14, up 91.41 percent.

The country had attracted foreign direct investment (FDI) of $103.89 million during April-March, 2012-13.

According to the Textiles Ministry, the FDI inflow in the sector so far stood at USD 11.70 million during April-May, 2014-15.

"The government is implementing various schemes to ensure the maximum utilisation of FDI in textile sector like technology upgradation fund scheme (TUFS), scheme for integrated textile parks (SITP), integrated skill development scheme (ISDS)," the ministry said.

Other government supported schemes for the sector include schemes for development of technical textiles and schemes for the development of the powerloom sector.

The FDI inflow stood at USD 164.19 million during April-March, 2011-12.

Major countries contributing to FDI inflows in the country include the United Arab Emirates (UAE), Switzerland, Singapore, Luxembourg, Japan, Hong Kong, Belgium and Australia.