PM Modi highlights connecting textile value chain with 5 ‘Fs’, ET Retail

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<p>Prime Minister Narendra Modi</p> — Prime Minister Narendra Modi

Bharat Tex Expo: Prime Minister Narendra Modi on Monday inaugurated the four-day Bharat Tex Expo 2024 at Bharat Mandapam, which boasts to be the world’s largest textiles event.

Speaking at the marquee event, the PM highlighted the government’s focus on connecting all elements of the textile value chain with five Fs: Farm, fibre, factory, fashion and foreign.

“This journey of the five F’s – farm, fibre, factory, fashion and foreign, in a way the whole scene is in front of us, keeping this principle of the five Fs in mind, we are encouraging farmers, MSMEs, and exports. We have also amended the definition of MSME in terms of investment and turnover, this will increase the scale and size of the industries. Even after growing up, they will be able to get the benefits of government schemes,” Modi said.

He also assured the textiles sector of full government support. “We are working to further increase the contribution of textile sector in building a developed India.”

Calling the event special, the BJP leader also reiterated the several steps taken for the Micro, Small & Medium Enterprises (MSME) sector.

“We have taken several steps for the MSME sector. We have also amended the definition of the MSMEs in prospect of the investment and turnover. This will help companies get the benefits of government schemes despite their size. We have also tried to reduce the gap between artisans and the market,” PM Modi said.

The event marks attendance of more than 3,000 exhibitors, 3,000 buyers from 100 nations and participation of around 40,000 trade visitors.

At the inauguration of Modi also noted that the the Kasturi Cotton launched by the government will play pivotal role in India’s identity creation.

“Today, India is one of the largest producers of cotton, jute and silk in the world. Lakhs of farmers are engaged in this work. Today the government is supporting lakhs of cotton farmers, purchasing lakhs of quintals of cotton from them. The Kasturi Cotton launched by the government is going to be a big step towards creating India’s own identity,” the PM said.

The Prime Minister also highlighted that there has been a 25% rise in the production of yarn, fabric and apparel, in the last decade.

“The positive impacts resulting from efforts of a stable and visionary government on the textile sector can well be seen. In 2014, the valuation of the textile market of India was less than Rs 7 lakh crores, today, it has crossed Rs 12 lakh crores. During the last 10 years, there has been a 25% rise in the production of yarn, fabric and apparel. The government is very much focused on quality control in the textile sector,” he added.

The agenda of the exhibition

Bharat Tex 2024 is organised by a consortium of 11 Textile Export Promotion Councils and supported by the government. It is further built on the twin pillars of trade and investment, with an overarching focus on sustainability. The four days event features over 65 knowledge sessions with more than 100 global panelists discussing various issues facing relevant to the sector.

It is envisaged to provide further impetus to investment and trade in the textile sector with more than 50 announcements and MoUs expected to be signed along side helping push up exports.

Know the stakeholders

States of Uttar Pradesh and Maharashtra have been named ‘Partner States’ for the occasion, highlighting their noteworthy input to the Indian textile industry. Further enhancing the variety of textile offerings at the event are the additions of Gujarat, Telangana, and Madhya Pradesh as “Supporting Partner States.” The premier global textile event showcases the diverse textile ecosystems across various regions of India, with state pavilions from Andhra Pradesh, Tamil Nadu, Karnataka, and Assam.

In order to explore prospects for cooperation, innovation, and sustainable growth in the textile industry, Bharat Tex 2024 brings together important stakeholders, such as textile manufacturers, artisans, designers, and legislators.