Prime Minister Narendra Modi emphasized the significance of the farm, fibre, factory, fashion, and foreign elements in the "Five Fs" strategy during the inauguration of Bharat Tex 2024 at Bharat Mandapam in New Delhi on Monday, February 26.
Prime Minister Narendra Modi Unveils "Five Fs" Strategy at Bharat Tex 2024 Inauguration
He highlighted the strategy's aim to encourage farmers, MSMEs, and exports. Additionally, PM Modi mentioned, "We have also amended the definition of MSME in terms of investment and turnover. This will increase the scale and size of the industries. Even after growing up, they will be able to avail the benefits of government schemes."
In his address, PM Modi underscored India's status as one of the world's leading producers of cotton, jute, and silk, emphasizing the government's support for millions of farmers engaged in these sectors. He also lauded the launch of Kasturi Cotton as a significant stride towards establishing India's unique identity in the global textile market.
"Today, India is one of the largest producers of cotton, jute and silk in the world. Lakhs of farmers are engaged in this work. Today the government is supporting lakhs of cotton farmers, purchasing lakhs of quintals of cotton from them. The Kasturi Cotton launched by the government is going to be a big step towards creating India's own identity" said PM Modi.
Furthermore, the Prime Minister stressed the importance of skill development alongside scale expansion in the textile industry. He highlighted the establishment and expansion of the National Institute of Fashion Technology (NIFT) across the country, aimed at empowering weavers and artisans with the necessary skills and knowledge.
"The positive impacts resulting from efforts of a stable and visionary government on the textile sector can well be seen. In 2014, the valuation of the textile market of India was less than Rs 7 lakh crores, today, it has crossed Rs 12 lakh crores. During the last 10 years, there has been a 25% rise in the production of yarn, fabric and apparel. The government is very much focused on quality control in the textile sector," said PM.
PM Modi also talked about the substantial growth witnessed in India's textile market over the past decade, citing a remarkable increase in valuation from less than Rs 7 lakh crores in 2014 to over Rs 12 lakh crores presently. Additionally, he noted a significant rise of 25% in the production of yarn, fabric, and apparel, underscoring the government's commitment to ensuring quality control in the sector.