Text of PM’s Remarks to the Business Community in Colombo, Sri Lanka

Published By : Admin | March 13, 2015 | 18:25 IST

Business representatives from India and Sri Lanka,

Distinguished guests,

684-32 PM MODI AT Business Meeting hosted by Ceylon (3)

I am delighted to be here at the Ceylon Chamber of Commerce.

Thank you for coming here in such large numbers.

It is a real honour to visit Sri Lanka.

Over the course of these two days, I will meet people from all walks of life.

For me, this is one of the most important meetings in Sri Lanka.

This is because no matter how old and strong the relationship is, economic cooperation is often the locomotive that gives it momentum.

It is also important because for all of us in our region, the most important priority is transforming the lives of our people.

Our path will be determined by our economic choices and the quality of governance. But, business enterprises will remain critical for our success.

I often say that a nation`s fortunes are linked to its neighbourhood. There are many in India who would argue that India is too large to need her neighbours. There are many in our region who worry that India`s economic size will hurt them.

I disagree with both views.

For one, we all need a stable and peaceful neighbourhood to concentrate on national development.

I also believe that countries do better when the entire region moves together.

I said at the SAARC Summit that barriers of boundaries inhibit progress; international partnerships give it speed. That is why we see a rising tide of regional integration and cooperation across the world.

684-32 PM MODI AT Business Meeting hosted by Ceylon (2)

Our region is rich in resources. We constitute a large market. We complement each other. Therefore, our cooperation can be of huge benefit to all of us. There are already powerful examples in South Asia that show us that difference in size is no constraint to beneficial partnerships, if we use our strengths and seize our opportunities.

Bhutan benefits from hydropower exports to India. Nepal has significant manufacturing exports to India – in part driven by Indian investors. Infrastructure, energy, supply chains, traditional handicrafts, modern manufacturing, tourism and services – there are no limits to our possibilities.

I hardly need to tell this informed audience about the transformation unleashed in India over the past ten months. There is new purpose and clarity in our policies; a new vision for inclusive development; new standards in our governance; and, a new level of energy in our economy. Last quarter, India was the fastest growing global economy. We are confident that we can grow even faster.

The progress of one-sixth of humanity is a major economic opportunity for the world.

The global confidence in India has been restored. The world`s engagement with India is at a new level. But, the first claim on us should be that of India`s neighbours. And, I will be happy if India is a catalyst for economic growth in our own region. That is why I speak of a neighbourhood where trade, investment, ideas and people move easily across the borders.

And, as I said in Kathmandu, Nepal, in November, India will do its part for the region. We will work to integrate our markets more. We will make trade smoother and possible through the most direct routes. We will invest in regional connectivity. And, we will share our capabilities in science and technology with South Asia, from advanced medicines to disaster management or space science.

As a friend and neighbor, we attach the highest importance to Sri Lanka`s economic progress.

Sri Lanka is a nation of many achievements and great strengths. It has education, skills and enterprise. It has an excellent location. And, it has won peace now. Sri Lankan businesses have shown that they can compete with the best in the world. Our garments and tea industry know that!

We are pleased to be Sri Lanka`s largest trading partner and one its largest sources of investment. Our Free Trade Agreement in 2000 was a pioneering initiative in the region. It has given a big boost to our trade. Sri Lanka`s exports to India have grown sixteen times – yes, sixteen times – since then. This is impressive by any standards.

I know there are concerns here about the huge trade imbalance. I am prepared to work with you to address them. I want balanced growth in trade. We will try to make it easier and smoother for you to access the Indian market. That is part of my philosophy of ease of doing business in India. Our agreement on Customs cooperation is a step in that direction.

India is opening up to the world. We offer duty free access to Least Developed Countries, including in South Asia. And, India has Free Trade Agreements with ASEAN and others.

We should ensure that Sri Lanka does not fall behind in the changing and competitive world. That is why India and Sri Lanka should move boldly to conclude a Comprehensive Economic Partnership Agreement. You should also attract investments from India for exports to India. That should be the natural outcome of our proximity and your strengths.

Indian investments can also upgrade and expand your infrastructure. It is also natural that Indian investors are more likely to invest here because of familiarity and proximity. They are already here. And, I know that there are many large commitments in the pipeline. They are looking for your support.

During this visit, I am pleased with progress on Sampur Thermal Power Project and the Trincomalee Oil Farm. That is good for Sri Lanka`s energy security and for our partnership.

Sustainable development of the Ocean Economy can be a huge area for cooperation.

I also believe that when we connect the lives of people, we strengthen the bonds between nations. We have extended visa on arrival facility to Sri Lanka from April 14. We should do more to connect our countries by air and sea.

India and Sri Lanka were, in some ways, better connected in the past than we are now! In the past, a person could buy a rail ticket in Colombo and travel to Chennai by rail and ferry! Air India`s decision to launch direct flight between our capitals will help reverse that trend.

Tourism unites people and creates economic opportunities. India is already the biggest source of tourists here. We will work together to increase that flow.

684-32 PM MODI AT Business Meeting hosted by Ceylon (1)

In conclusion, let me return to the point I had made at the beginning. India`s progress gives us the ability to create opportunities for our neighbours. Our development partnership has injected commitments of 1.6 billion dollars in assistance from India. That has helped rebuild and upgrade infrastructure in Sri Lanka.

Today, we have offered another Line of Credit of about 318 million dollars for the railways sector. Reserve Bank of India has agreed to provide Central Bank of Sri Lanka a currency swap arrangement for 1.5 billion dollars. This will increase the stability of Sri Lankan Rupee.

It is not just in development partnership. We will also be supportive in advancing your commercial interests. I believe in Sri Lanka`s capabilities. We should engage more. We should open up to each other more.

We should move forward with greater belief in our own strengths; more trust in each other; and, with more confidence in the fruits of our partnership.

As I was saying before, Sri Lanka has the potential to be our most important economic partner in the region. We count on your support to make it happen.

Thank you and wish you all the best. Thank you very much.

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My Cabinet colleagues, Shri Giriraj Singh Ji and Pabitra Margherita Ji, esteemed ambassadors of various nations, senior diplomats, officials from the central and state governments, distinguished figures from the world of fashion and textiles, entrepreneurs, students, my dear weaver and artisan friends, ladies and gentlemen!

Today, Bharat Mandapam is hosting the second edition of Bharat Tex. This event not only celebrates our rich traditions but also showcases the immense possibilities of a Viksit Bharat (developed India). It is a matter of immense joy for the nation that the seed we planted is now rapidly growing into a banyan tree. Bharat Tex is evolving into a premier global textiles event. This time, the entire spectrum of the value chain is represented, with 12 associated groups participating together. Additionally, accessories, garments, machinery, chemicals, and dyes are on display. Bharat Tex is emerging as a powerful platform for engagement, collaboration, and partnership among policymakers, CEOs, and industry leaders from across the world. The dedicated efforts of all stakeholders in making this event a success are truly commendable, and I extend my heartfelt congratulations to everyone involved.

Friends,

Today, Bharat Tex has participation from over 120 countries— as Giriraj Ji mentioned, 126 countries—meaning that every entrepreneur present here is gaining exposure to these 120+ nations. They have the opportunity to expand their businesses from local to international levels. Those seeking new markets are gaining valuable insights into the cultural preferences of different nations.

Earlier, I had the chance to visit some of the exhibition stalls. Though I could not see everything—had I attempted to do so, it would have taken me two days, which I am sure you would not permit—I did manage to interact with many representatives and understand their perspectives. Several participants shared that after attending Bharat Tex last year, they acquired new buyers on a large scale, significantly expanding their businesses. One particularly interesting comment, or rather a ‘sweet complaint,’ was brought to my attention. Some participants expressed that the demand for their products has surged to such an extent that they are struggling to meet it. Additionally, some entrepreneurs informed me that setting up a factory typically requires an investment of Rs 70–75 crore, and each such facility provides employment to around 2,000 people. To those in the banking sector, I would like to emphasize—please take note of their needs, understand the priorities, and extend your support accordingly.

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Friends,

This event is providing a significant boost to investment, exports, and overall growth in the textile sector.

Friends,

At Bharat Tex, our garments beautifully reflect Bharat's cultural diversity. From East to West, North to South, we boast a vast array of traditional garments, each with multiple variations. Lucknowi Chikan, the Bandhani of Rajasthan and Gujarat, the Patola of Gujarat, the Banarasi Silk of my Kashi, Kanjeevaram Silk from the South, and Pashmina from Jammu and Kashmir—this is the perfect opportunity for such events to showcase our rich heritage. Our diversity and unique craftsmanship should serve as a driving force for the expansion of the garment industry.

Friends,

Last year, I spoke about the five ‘F’ factors in the textile industry—Farm, Fibre, Fabric, Fashion, and Foreign. This vision is now evolving into a mission for Bharat, unlocking new avenues of growth for farmers, weavers, designers, and traders alike. Over the past year, Bharat's textile and apparel exports have increased by 7 percent. Now, are you going to applaud for just 7 percent? Let’s save the applause for when we achieve a 17 percent increase next time! Today, we are the sixth-largest exporter of textiles and apparel in the world, with our textile exports reaching Rs 3 lakh crore. Our goal now is to increase this to Rs 9 lakh crore by 2030. However, while I mention 2030, given the enthusiasm I have witnessed here today, I suspect you might surpass my projections and achieve this target even sooner!

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Friends,

This success is the result of a decade of relentless effort and consistent policies. It is due to these sustained efforts that foreign investment in our textile sector has doubled over the past ten years. Today, some friends shared with me that many foreign companies are keen to invest in Bharat. To them, I said—You are our greatest ambassadors! When you speak about Bharat's opportunities, people believe it instantly. If the government says something, they may scrutinise it, verify facts, and deliberate over it. But when a fellow businessman from the same industry speaks, others trust their word and seize the opportunity without hesitation.

Friends,

You are all aware that the textile industry is one of the most vital sectors in our country, providing extensive employment opportunities. This industry contributes 11% to Bharat's manufacturing sector. You must have noticed in this year's budget that we have placed a strong emphasis on 'Mission Manufacturing', and you are an integral part of this mission. Therefore, as investment flows into this sector and growth accelerates, crores of textile workers are reaping the benefits.

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Friends,

Our commitment is to address the challenges of India's textile sector and unlock new opportunities. To achieve this, we are implementing visionary and long-term strategies. A reflection of our efforts can be seen in this year's budget. Keeping in mind the industry’s key requirements, we are working to ensure a reliable cotton supply within the country, make Indian cotton globally competitive, and strengthen our entire value chain. To this end, we have announced a 'Mission for Cotton Productivity'. Additionally, we are focusing on emerging sectors such as technical textiles. I recall my time as the Chief Minister of Gujarat when I used to interact with people from the textile industry. Back then, when I spoke about technical textiles, they would ask me what I meant. Today, I am pleased to see Bharat establishing itself in this domain. We are actively promoting indigenous carbon fibre and its derivative products, and Bharat is making significant strides in producing high-grade carbon fibre. Alongside these efforts, we are implementing crucial policy decisions to support the textile industry. For example, in this year's budget, the classification criteria for MSMEs have been revised and expanded. Additionally, credit availability has been increased. Given that MSMEs contribute 80% to our textile sector, these reforms will bring tremendous benefits.

Friends,

Any sector can only thrive when it has access to a skilled workforce. In the textile industry, skill plays a defining role. That is why we are working to develop a strong talent pool specifically for this sector. Our 'National Centres of Excellence for Skilling' are playing a crucial role in this initiative, while the 'Samarth Yojana' is helping equip workers with the necessary skills across the value chain. Earlier today, I had the opportunity to speak with several women who have been trained under 'Samarth'. Hearing about their progress over the past five, seven, or even ten years filled me with immense pride. At the same time, we recognise that in this age of technology, traditional handloom and artisanal skills must continue to receive due importance. Our goal is to bring the craftsmanship of handloom artisans to global markets, enhance their capabilities, and create new opportunities for them. We are actively working in this direction. Over the past decade, more than 2,400 major marketing events have been organised to promote handlooms—more than 2,400! Additionally, an e-commerce platform named 'India-Handmade' has been launched to facilitate online marketing of handloom products. Thousands of handloom brands have already registered on the platform, and they are greatly benefiting from the GI tagging of handloom products.

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Friends,

The 'Textiles Startup Grand Challenge' was launched during last year’s Bharat Tex event to encourage innovative and sustainable solutions for the textile sector from young minds. Youth from across the country participated in this challenge with great enthusiasm. The winners of this competition have also been invited here today, and they are present among us. Additionally, start-ups keen to support and nurture these young innovators have also been invited. This initiative is being supported by IIT Madras, the Atal Innovation Mission, and several leading private textile organisations. Such pitch fests will significantly boost the start-up culture in the country.

I urge our young entrepreneurs to establish new techno-textile start-ups and develop fresh, groundbreaking ideas. I also have a suggestion for our textile industry—collaborate with institutes like IITs to develop innovative tools for the sector. We are witnessing a growing trend on social media where the younger generation is increasingly embracing traditional attire alongside modern styles. As a result, the fusion of tradition and innovation has become more important than ever. We must introduce products inspired by our traditional clothing that appeal not only to young Indians but also to global audiences. Another crucial aspect is the rising influence of technology. Artificial intelligence (AI) is playing an expanding role in identifying new fashion trends and creating innovative styles. During my recent visit to the NIFT stall, I was informed that AI is now being used to predict the fashion trends of 2026. Previously, the world dictated fashion trends to us—we were told to wear black, and we complied. But now, we will set the trends for the world. This is why, while on one hand, traditional Khadi is being promoted, on the other, AI is being leveraged to analyse future fashion trends.

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I recall an event from my early days as Chief Minister, around 2003. On Gandhi Jayanti, I organised a Khadi fashion show in Porbandar, the birthplace of Mahatma Gandhi. Students from NIFT and NID collaborated to bring this vision to life. The show was held to the background music of the bhajan "Vaishnav Jan To Tene Re Kahiye." At the time, I had invited some of Vinoba Bhave’s close associates to attend. Since fashion shows often use language and expressions that the older generation may find unfamiliar, they were initially sceptical about the idea. However, I personally convinced them to come. After witnessing the event, they told me, "If we want to make Khadi popular, this is the way forward." Today, Khadi is making remarkable progress and capturing global attention. We must continue to promote it with renewed vigour. During the freedom movement, Khadi symbolised "Khadi for the Nation." Now, it must evolve into "Khadi for Fashion."

Friends,

A few days ago, as the announcer mentioned, I returned from an overseas visit. I was in Paris, the city widely regarded as the fashion capital of the world. During this visit, significant partnerships were established between our two nations on various key issues. One of the central themes of our discussions was the environment and climate change. Today, the world is increasingly recognising the importance of a sustainable lifestyle, and the fashion industry is no exception. The global fashion community is embracing the vision of 'Fashion for Environment' and 'Fashion for Empowerment'. In this regard, Bharat is leading the way.

Sustainability has always been an integral part of Bharat's textile heritage. Our Khadi, tribal textiles, and the use of natural dyes exemplify our long-standing commitment to a sustainable way of life. Now, with the support of cutting-edge technologies, Bharat's traditional sustainable techniques are evolving, directly benefiting artisans, weavers, and the crores of women associated with the textile industry.

Friends,

I firmly believe that the textile industry must embrace the principles of maximising resource efficiency and minimising waste. Today, crores of garments become obsolete every month worldwide, with a significant portion falling into the category of 'fast fashion waste'. This refers to clothing discarded simply due to changing fashion trends. These garments are dumped in various parts of the world, posing a severe threat to the environment and ecosystems. Estimates suggest that fashion waste will reach 148 million tonnes by 2030. Currently, less than a quarter of textile waste is being recycled. However, our textile industry can transform this challenge into an opportunity. Bharat has a long and diverse tradition of textile recycling and upcycling. Many of you are familiar with how we repurpose old or unused fabrics. For instance, in Bharat, carpets are crafted from discarded textiles, and weavers—along with homemakers—create mats, rugs, and coverings from fabric remnants. In Maharashtra, the traditional art of making Godhadis from old, even torn clothes, showcases this ingenuity. We can innovate and elevate these age-old practices, bringing them to the global market.

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The Ministry of Textiles has already taken steps in this direction by signing an MoU with the 'Standing Conference of Public Enterprises' and e-Marketplaces to promote upcycling. Many upcyclers from across India have registered under this initiative. Additionally, pilot projects for door-to-door collection of textile waste are already underway in cities like Navi Mumbai and Bangalore. I encourage our start-ups to actively engage in these efforts, seize these emerging opportunities, and establish a strong foothold in this massive global market. India’s textile recycling market is projected to reach USD 400 million in the coming years, while the global recycled textile market is estimated to reach nearly USD 7.5 billion. By taking strategic steps now, India has the potential to secure an even larger share of this market.

Friends,

Centuries ago, when Bharat stood at the pinnacle of economic prosperity, the textile industry played a crucial role in that success. Today, as we march forward with our vision of a Viksit Bharat, the textile sector is once again poised to make a significant contribution to our nation’s progress. Events like Bharat Tex are reinforcing Bharat's position as a global textile powerhouse. I am confident that with each passing year, this event will set new benchmarks of success and reach greater heights. I extend my heartfelt congratulations to all those involved in making this event a grand success.

Thank you very much.
Namaskar.