India to woo European investors for FDI in textiles
The Textiles Ministry will set on mission to woo European investors to meet the government target to attract USD 6 billion of foreign direct investment by 2015.
New Delhi: The Textiles Ministry will set on
mission to woo European investors to meet the government
target to attract USD 6 billion of foreign direct investment
An industry delegation, led by Textiles Minister
Dayanidhi Maran, will leave for a nine-day visit from October
26 to Switzerland, Italy and Turkey.
There the delegates would be meet the officials of
European firms like Beninger, Rieter, Bilsar and Tic.A.S to
seek investments in the country.
"We expect to attract 20 per cent of the USD 6 billion
FDI target in the first year (2009-10)," Maran told reporters.
India offers various incentives to foreign investors like
low-cost labour and intellectual right protection, he added.
Though India allows 100 per cent FDI in the textiles
sector, the inflows were meager at USD 200 million in 2008 or
0.6 per cent of total USD 33 billion FDI.
India would also be holding road shows in Germany and
France in November.
Maran, who recently visited Japan to seek FDI, said the
domestic textiles industry would require an additional
investment of USD 24 billion (Rs 110,000 crore) by 2015 to
maintain a growth rate of 8 per cent.
The second largest employer after agriculture, the
textiles industry estimated at USD 62 billion (Rs 283,966
crore) is expected to reach USD 110 billion (Rs 503,380 crore)
by 2015, including USD 45 billion of exports.