Textile Industry News & Updates | Latest Market Trends | 28 Sept 2024

Textile Sphere News Roundup – 28th September 2024

1. Textile Industry to Create 6 Crore Jobs by 2030, Says Minister

Union Minister of Textiles, Giriraj Singh, announced that the Indian textile industry is projected to generate between 4.5 crore to 6 crore jobs worldwide by 2030, with a significant growth target of $350 billion. This growth is propelled by initiatives like the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM-MITRA) parks, which are expected to attract an investment of ₹70,000 crore and create 21 lakh jobs. The Minister also highlighted the expansion of the Eri Sericulture Promotional Project across the country, aiming to provide employment to farmers, and announced that the Bharat Tex event will serve as a platform for attracting foreign investments in textiles, focusing on the "4S"—style, scale, skill, and sustainability.

2. First Tranche of Disbursements in Textile PLI Expected This Fiscal Year

India is poised to see its first tranche of disbursements under the Production Linked Incentive (PLI) scheme for textiles this financial year. Around a dozen companies will start receiving incentives under this scheme, which was launched in 2021 with a budgetary outlay of ₹10,683 crore, focusing on man-made fibers (MMF) apparel, MMF fabrics, and technical textiles. This move comes as Indian textile and garment exports have stagnated, while countries like Vietnam and Bangladesh have expanded their market share. The Ministry of Textiles is optimistic that the PLI scheme, along with the PM-MITRA parks and free trade agreements, will significantly boost India's textile manufacturing sector.

3. AICTE Launches Curriculum for Undergraduate Degree in Textile Engineering

The All India Council for Technical Education (AICTE) has launched the final model curriculum for Undergraduate Textile Engineering courses and released the draft curriculum for Bachelor of Computer Applications (BCA) programs. The Textile Engineering curriculum integrates core courses with advanced topics such as textile technology, sustainability, nanotechnology, and smart textiles. It emphasizes practical learning, including summer internships, and offers elective courses in emerging fields like artificial intelligence and the circular economy. The BCA curriculum aims to include global trends in computing, offering flexibility with both three-year and four-year program options. AICTE invites feedback from institutions, educators, and industry professionals to further refine these programs.

4. Indorama Ventures Concentrates Yarn Production in Italy to Serve European Textile Industry

Indorama Ventures, a global leader in petrochemicals and polyester fibers, has announced that it is consolidating its high-performance polyester filament yarn production in Italy, near Milan. This move aims to serve the European textile market more efficiently by transferring operations from Germany and focusing expertise in spinning, draw texturizing, and dyeing at its Italian facilities. European customers will benefit from a more reliable supply of high-quality yarns for various applications, including apparel, home textiles, woven labels, and automotive interiors. The company's twisting and air texturizing processes will continue to be carried out in Bulgaria.

Note: As always, Textile Sphere brings you news from reliable sources to keep you well-informed about the latest developments in the textile industry.

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