India tax
Prime Minister Narendra Modi said on Sunday that he hoped that the Textile Sector will achieve an annual export target of nine lakh crore rupees before the 2030 deadline. It is important in the context that a five-year cotton mission has been announced to increase the productivity of cotton, especially additional long fiber varieties in the General Budget 2025-26. 500 crore rupees were allocated for the National Cotton Technology Mission. Modi said in ‘Bharat Tex 2025’, “We are currently the sixth largest exporter of clothes and dresses in the world. Textile exports are about three lakh crore rupees. Our goal is to achieve exports of nine lakh crore rupees by tripling this figure. ”
Foreign investment doubled
He said, “The credit for this success goes to the hard work and continuous policies implemented in the last decade, which has doubled foreign investment in the textile sector.” Prime Minister Modi said, “The way the work is being done, I think we will achieve this goal before the 2030 deadline.” This sector is the major employment creator and its contribution to the manufacturing sector is 11 percent. In the Union Budget, a provision of Rs 5,272 crore (in budget estimate) has been provided for 2025-26 for 2025-26. This is 19 percent more than a budget estimate of Rs 4,417.03 crore for FY 2024-25.
‘Bharat Tex’ will be organized by 17 February
‘Bharat Tax’ is the biggest event of the textile industry to be held in New Delhi from 14-17 February. This includes a huge exhibition held at two places, in which the entire textile environment will be performed. Modi said that ‘Bharat Tax’ is being a major global event, in which more than 120 countries are participating. He said that India is moving towards the manufacture of high quality carbon fibers. The Prime Minister also urged the banking sector to provide assistance to the textile sector as one unit requires only Rs 75 crore investment and 2,000 people get employment.
5-F approach
He said that India’s textile and costume exports recorded a seven percent increase last year. Prime Minister Modi said that the country is working on creating a group of skilled talents for the textile sector. He said, “Our focus is on the technical textile sector. India is making its presence felt in this region. ” The Prime Minister underlined his’ 5 F approach ‘for the textile field, with’ fiber from farm (form); Fiber factory from fiber; Factory fashion; Fashion from Foreign (Foreign) includes. He said that this approach is creating new opportunities for farmers, weavers, designers and traders. Modi also called for cooperation with reputed institutions like Indian Institute of Technology (IIT) to develop new equipment from the textile industry.
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