New Delhi: Foreign direct investment into the country’s textile sector has gone up three times in the last one-and-a-half to two years, resonating the confidence of foreign investors in the industry, Union Minister Smriti Irani said on Friday.

The textile minister asserted that the country’s man-made fibre sector can soon look forward to “good news” as an inter- ministerial group (IMG)has been formed to suggest measures to maximise its potential. However, she did not elaborate on the details.

“For the first time…there is an IMG on how to leverage our potential in MMF (man-made fibre), how to make rates competitive, and I think you will hear good news very very soon,” Irani said while participating in a discussion at the India Economic Summit here.

The summit is organised by the World Economic Forum in partnership with CII.