FDI in textiles rose 3 times in the past 2 years: Smriti Irani

Foreign direct investment into the country's textile sector has gone up three times in the past one-and-a-half to two years, resonating the confidence of foreign investors in the industry, Union minister Smriti Irani said on Friday.

The textile minister asserted that the country's man-made fibre sector can soon look forward to "good news" as an inter-ministerial group (IMG) has been formed to suggest measures to maximise its potential. However, she did not elaborate on it.

"For the first time, there is an IMG on how to leverage our potential in MMF (man-made fibre), how to make rates competitive, and I think you will hear good news very, very soon," Irani said during a discussion at the India Economic Summit.

World Economic Forum's 33rd India Economic Summit is held in partnership with industry body CII. The theme of the conference this year is 'Creating Indian Narratives on Global Challenges'. It is attended by over 650 leaders from 35 countries. The summit which began on Wednesday held discussions on climate change, infrastructure and gender parity, besides demonetisation and GST.

PTI