Govt to set up mega parks near ports to attract FDI: Textile secretary

The government is mulling setting up around ten integrated mega parks with state-of-the-art infrastructure near ports to attract foreign direct investment, a top official said on Monday.

Addressing a conference, Textile Secretary Ravi Capoor said there has been a "very good response" from state governments on the proposed mega parks.

He noted that there are serious issues regarding India's competitiveness as far as exports, cutting across all sectors, are concerned, and that the fear of all Free Trade Agreements essentially comes down to the fact that India is not so competitive.

"A country which is competitive need not fear about anybody, no country. Our fears stem from the fact that we know we cannot sustain the onslaught of the most competitive country or that particular product," Capoor said.

"The government is very seriously contemplating mega parks in this country...limited, maybe ten and compete with the best of the world. Provide...integrated parks close to the port. Today when you say about China-US trade war, they are looking for places to invest," the Secretary said while addressing a CII event here.

The government needs to provide this type of infrastructure to global players to attract FDI and also to the country's people, he added.

Highlighting that world-class manufacturing can only happen if India is competitive globally, the Secretary said India needs to create mega-brands in textile sector and the ministry was working on all these issues.

Besides, he said, he may lead a delegation of manufacturers to Bangladesh in a fortnight to request the country to source fabric from India, as it cannot unilaterally impose a fabric forward policy with the neighbouring nation since it is not covered under the South Asian Free Trade Area (SAFTA).

"Normally under these agreements you have a rule called fabric forward policy, which means you can sell the apparel to me, provided you take fabrics from me. It is an old agreement, this element did not find place there, therefore it is not possible unilaterally for India to introduce a fabric forward policy with Bangladesh," Capoor said.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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