VASTRA 2017 Current Affairs - 2019
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The 6th edition of VASTRA– An International Textile and Apparel Fair 2017 (VASTRA 2017) was recently held in Jaipur, Rajasthan.
It was jointly organised by Rajasthan State Industrial Development and Investment Corporation Ltd. (RIICO) and Federation of Indian Chambers of Commerce and Industry (FICCI). More than 50 countries and 13 Indian States participated in VASTRA 2017.
VASTRA since its inception in 2012 has created space for itself in calendar of international exhibitions on textiles and apparel. The expo was all-encompassing trade fair and conference on Textiles and Apparel that presented fusion of finest and latest in textile products – from fiber to fashion, services and technology. It aimed at revitalizing existing business ties and forging of new business relations for business opportunities.
It served as an ideal platform to enter JVs, strategic alliances and partnerships worldwide, launch new products, as well as, harness new locations for setting up businesses in India. It also served as a platform for disseminating technology and interacting with R&D Labs and experts for solution in technology and latest trends.
India’s textiles sector
India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries. Even today, it is one of the largest contributors to India’s exports with approximately 11% of total exports (exports during FY 2015-16 stood at US$ 40 billion). It contributes approximately 5% to India’s Gross Domestic Product (GDP), and 14% to overall Index of Industrial Production (IIP). It is also labour intensive and is the second largest employer after agriculture. Government has allowed 100% FDI in the Indian textiles sector under the automatic route.