How the Fashion Industry will help boost the Indian Economy
Now we have witnessed the Indian budget 2021 from Union minister Nirmala Sitharaman. You all are aware of the new budget and schemes that are going to be implemented soon in our life cycle. We are not going to debate the budget topic, but we have analyzed few factors that are going to help boost the Indian economy with help of the fashion industry.
China is leading in the textile industry, and how do we tackle the biggest exporter in the world and become the world leader in the textile industry? Is it that easy? No, it is not! In order to achieve the mark, we have to make use of the textile budget announced properly in the recent budget of 2021. So, what is the recent Indian budget that Union minister Nirmala Sitharaman has announced? The scheme says the government is planning to set up seven mega textile parks in India that will help boost both the job requirement and the Indian economy.
The government announced a big surprise to the textile industry saying that seven mega textile parks will be launched in three years. The Production Linked Incentive scheme announced a budget of 2 lakh crore over the next five years to take India to the top in the textile industry. The textile ministry had been recently interviewed regarding Mega Integrated Textile Region and Apparel (MITRA) park, in over 1,000 acres of land, and Research & Development (R&D) is also considered to make the scheme successful.
India is the sixth-largest exporter in the textile and apparel industry. This scheme would help in climbing the position in the world table. Having this scheme in hand will also help the fashion industry. The fashion aspirants get the chance to go through the mega textile parks and get to know the process of how the textile industry is working and students can get the right knowledge.
The structure and planning of a new scheme will help the student understand better about the textile industry. The booming industry like textiles would help solve the unemployment problem. A large number of export and mass production would help boost the Indian economy. Maintaining consistency over the next five years will help to improve the economy and we can rank at the top of the table among others.
The scheme will help a lot of young lads to get exposure in starting their venture, and if they have a good business model and vision, they can get the benefit of the government that will help individuals to get into the textile business. As the Indian budget is concerned with the textile industry, everyone has their unique view, you are welcome to mention your point of view on the Indian budget regarding the textile industry in the comment box below.