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What happened
The Indian government has approved a new initiative called the Tex-RAMPS scheme, which has a total budget of Rs 305 crore. This scheme is designed to promote research and innovation within the textile sector and will be implemented from 2025 to 2031. The Ministry of Textiles stated that the scheme aims to address critical gaps in research, data systems, and innovation support. Textiles Minister Giriraj Singh highlighted that the Tex-RAMPS initiative will empower the textile ecosystem and help position India as a leader in sustainability and technology. The scheme is fully funded by the Ministry of Textiles and aligns with the upcoming Finance Commission cycle.
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Key insights
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Funding for Textiles
The scheme has a total outlay of Rs 305 crore.
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Implementation Timeline
Tex-RAMPS will run from 2025 to 2031.
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Focus on Innovation
The initiative aims to enhance research and innovation in textiles.
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Global Leadership Goal
The scheme seeks to position India as a leader in the textile industry.
Takeaways
The Tex-RAMPS scheme represents a significant investment in the future of India's textile sector, aiming to foster innovation and sustainability. By addressing existing gaps, it seeks to enhance the global competitiveness of Indian textiles.