Textile park scheme to be revamped
To improve foreign investment in the textile sector, India is planning a complete overhaul of its scheme to establish world-class infrastructure facilities for setting up textile units. The Scheme for Integrated Textile Park (SITP) is being revamped as the government looks to set up 1,000-acre textile parks. The SITP is making slow progress currently due to delays in obtaining land and other statutory clearances from state governments as well as slow fund mobilisation by the textile parks. So far, 59 textile parks have been
sanctioned under SITP by the textiles ministry, out of which 22 textile parks have been completed and remaining are under various stages of construction. From April 2000 to September 2019, India’s textile sector received aggregate investments of around US$ 3.3 billion, which is just 0.74% of total FDI inflows.