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Textile sector :11% hike in FDI

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in Indian textile sector during 2009 has gone up by 11 percent to Rs 968.7 crore from Rs 869.6 crore in the previous year. Minister of State for Textiles said that in the textile industry has mainly flown from Europe, the United States and China.

The government has initiated various steps, such as technology upgradation, design and textile parks besides efforts for betterment of labour, to attract FDI and for maximum deployment of foreign funds. Under the automatic route, the government permits 100 percent FDI in the textile sector.

Lakshmi said the government has broadened the horizons to trim down India’s export dependency on US and EU markets. It is advocating exploring new markets in the East and southeast Asia.

The policy is not just concentrated on exploring newer markets but even focuses on drawing more FDI, she said. The sector was badly hit by the global economic slump, which adversely affected exports.