Prime Minister inaugurates Textiles India 2017
The Prime Minister Narendra Modi inaugurated Textiles India 2017, India’s first ever mega textiles trade fair at Gandhinagar, Gujarat.
The three-day fair will showcase the nation as a global sourcing hub and investment destination for manufacturers world-wide.
- The fair has been organised by Union Ministry of Textiles.
- It aims to explore opportunities and strengths of textiles and apparel manufacturing in India for global investors, and forge collaboration with global players in the textiles segment.
- The event will have G2G, B2B and B2G meetings with 2,500 international buyers, 1000+ international and domestic exhibitors and 15,000 domestic visitors.
- Besides, country sessions, state sessions, round tables and sectorial seminars will be also held, many of which will be chaired by Union Ministers. Fashion shows and thematic shows will also be held.
India’s textiles sector
India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries. Even today, it is one of the largest contributors to India’s exports with approximately 11% of total exports (exports during FY 2015-16 stood at US$ 40 billion). It contributes approximately 5% to India’s Gross Domestic Product (GDP), and 14% to overall Index of Industrial Production (IIP). It is also labour intensive and is the second largest employer after agriculture. Government has allowed 100% FDI in the Indian textiles sector under the automatic route.
Month: Current Affairs - July, 2017