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Valuation of India's textile sector has crossed Rs 12 lakh crore, says PM Modi as he promises support

More than 3,000 exhibitors—3,000 buyers from 100 nations and 40,000 trade visitors—had participated in the event, PM said.
Last Updated 26 February 2024, 07:12 IST

New Delhi: Prime Minister Narendra Modi on Monday promised all support to the textiles sector, stressing that it will play a crucial role in making India a developed nation by 2047, when India will complete hundred years of independence.

Addressing a gathering after inaugurating Bharat Tex 2024, one of the largest-ever global textile events organised in the country, Modi said the government is working in a very wide scope to further increase the contribution of textiles sector in building a developed India.

"We have resolved to transform Bharat into a 'Viksit Rashtra' in the next 25 years. Four important pillars of Viksit Bharat are poor, youth, farmers and women. And notably, the textile sector of Bharat is connected with all these pillars. Therefore, an event like Bharat Tex becomes very important for us all," Modi said.

He further said in 2014, the valuation of textile market of India was less than Rs 7 lakh crore, whereas it has now crossed Rs 12 lakh crore.

The prime minister also said that during the last 10 years, there has been a 25 per cent rise in the production of yarn, fabric and apparel.

The government is very much focused on quality control in the textile sector, he added.

"Our government is fully committed to support you in all your endeavours," the prime minister said.

Bharat Tex 2024 is expected to witness participation of policymakers and global CEOs, over 3,500 exhibitors, over 3,000 buyers from over 100 countries, and more than 40,000 business visitors, besides textiles students, weavers, artisans and textile workers.

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(Published 26 February 2024, 07:12 IST)

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