Textiles Minister Giriraj Singh said on Tuesday that the government has approved an extension of the Production Linked Incentive (PLI) scheme, originally aimed at textiles, to include the garments sector.
This move is intended to strengthen domestic manufacturing capabilities and enhance export potential.
Addressing attendees at the India International Garment Fair (IIGF), Minister Singh, highlighted government's commitment to boost growth within the textiles and garments industry. The PLI scheme, which initially received a budgetary allocation exceeding Rs 10,000 crore, has already been instrumental in promoting the production of man-made fibre apparel, fabrics, and technical textiles across the country.
"We are considering to cover your (garments) sector also (under the scheme)," stated Minister Singh, highlighting the potential for expanding the scheme's benefits to include garment manufacturers as well.
Singh outlined the government's vision to elevate the Indian textiles industry from its current market size of USD 165 billion to USD 350 billion, aiming to surpass global competitors like China in the process.
In addition to expanding the PLI scheme, Singh proposed adopting a 'hub and spoke' model to enhance domestic manufacturing capabilities.
He encouraged collaboration between large and small industry players, emphasizing the importance of leveraging synergies within the sector.
Further addressing the gathering, Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri acknowledged the challenges posed by global economic headwinds but expressed optimism about the future growth prospects for Indian apparel exports.
"Despite global challenges, the Indian apparel export industry has shown resilience," said Sekhri, highlighting the industry's ability to mitigate adverse effects and sustain its market position.
Meanwhile, AEPC Secretary General Mithileshwar Thakur emphasized the potential for Indian apparel exporters to capitalize on favorable global economic trends, predicting robust growth opportunities in developed markets.
"We must seize this opportunity to expand our footprint across developed countries," Thakur said.
At the fair, different representatives from the industry highlighted the growing demand of Indian textiles. Meenakshi, owner of Gurgaon-based garment firm Cocoon Kapas, stressed upon the same, saying that the demand of textiles are particularly in natural fibres, from markets such as the US and Japan.
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