65 MoUs in the textiles sector were signed on July 1, 2017, the 2nd day of mega textiles trade fair, ‘Textiles India 2017’. These MoUs were signed in presence of Union Textiles Minister Smriti Irani.
More Details about 65 MoUs signed on second day of ‘Textiles India 2017’:
MoUs were signed between various domestic and international organizations from industry and government. Of the 65 MoUs, three were Government – to – Government (G2G) MoUs, with Australia, Bangladesh and China.
- The MoUs signed relate to exchange of information and documentation, research & development, commercialization of handloom products and silk production, cooperation in geo textiles, skill development and supply of cotton and trade promotion with overseas partners.
About ‘Textiles India 2017’:
‘Textiles India 2017’ was a three-day event held from June 30, 2017 to July 2, 2017 in Gandhinagar, Gujarat.
- It was inaugurated by Prime Minister Narendra Modi on June 30, 2017.
- This event which was India’s first-ever mega trade event for the textiles sector. It was organised by the Union Ministry of Textiles and is aimed at showcasing the country as a global sourcing hub and investment destination.
- Nearly 2500 international buyers, over 1000 international and domestic exhibitors and several top fashion designers participated in ‘Textiles India 2017’.
- The three day event was attended by several Union Ministers as well as Gujarat State Cabinet Ministers. Top Heads of prominent private textile companies also attended the event.
- Minister of Information and Broadcasting, Venkaiah Naidu was the chief guest for the valedictory session of the event on July 2, 2017.
Significance of Textile Industry in India:
Textile Industry contributes 2% to Gross Domestic Product (GDP) of India and 10% to total manufacturing production.
- Around 10% of India’s export earnings are generated by textile industry.
- India’s textile industry directly employs 45 million people.