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FDI in textiles doubled to $619 mn in 2016-17

Foreign direct investment (FDI) in textile sector more than doubled to $618.95 million during 2016-17 from $230.13 million in the…

FDI in textiles doubled to $619 mn in 2016-17

(PHOTO: Getty Images)

Foreign direct investment (FDI) in textile sector more than doubled to $618.95 million during 2016-17 from $230.13 million in the previous fiscal, Parliament was informed on Thursday.

In a written reply to Lok Sabha, Minister of State for Textiles Ajay Tamta said during the first two months of current fiscal, the sector received $21.41 million foreign inflows.

He also said textile exports during 2016-17 too rose to $36 billion from $23.9 billion in the previous financial year.

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In a separate reply, he said in rupee terms export of textiles and garments increased by 3.2 per cent in 2016-17.

With a view to enhance investment, production and export of the textile industry, the government has launched a Rs 6,000-crore package for apparel and made-ups segments, he added.

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