Indian textile industry has potential to export $100 billion by 2030: Piyush Goyal
Union Trade and Industry Minister Piyush Goyal said on Tuesday (April 12) that new economic and trade cooperation agreements with Australia and the United Arab Emirates will open up endless opportunities for the Indian manufacturing industry. textiles, hand weaving and footwear.
He said Indian textile exports to Australia and the UAE would now be subject to zero duties and expressed confidence that soon Europe, Canada, UK and GCC countries would welcome also zero-duty Indian textile exports.
Goyal was delivering the keynote address at the Golden Jubilee celebrations of the “Confederation of Indian Textile Industry – Cotton Research and Development Association” (CITI-CDRA) in New Delhi on Tuesday, a statement said. of the Ministry of Commerce.
Vice President M Venkaiah Naidu was the chief guest of the celebration.
Goyal said trade agreements would help increase exports of labor-intensive industries. He added that India must also be open to receiving new technologies, rare minerals, raw materials which are scarce in the country from the world at reasonable costs.
This will only increase our production, productivity and quality, which in turn will increase demand for our products worldwide, he said.
Goyal also said India’s textile industry has the potential to export $100 billion by 2030.
It can be noted that India’s textile sector accounts for about 10 percent (about $43 billion) of India’s total merchandise exports. India is the largest cotton producer with 23% of global production, directly and indirectly supporting 65 lakh people, the minister said.
Goyal called on Indian growers to adopt new technologies and world best farming practices. He spoke about AI technology that allows Australian farmers to control spraying operations as the cotton crop is sensitive to spraying through data-driven decision making.
The Minister noted that modern Australian cotton farmers are not just farmers, but drone pilots, data analysts and agro-scientists. He said that we need to increase the capacity of Indian farmers who are already very talented and capable, to also make them experts in related fields.
Goyal asked the textile and clothing industry to focus on sustainability and farmers to focus on natural farming methods. He said we must encourage innovation, research and development and asked farmers to work in collaboration with ICAR, agro-universities, IARI and cotton research institutes.
He also called on renowned research institutions working in cotton farming and textiles to work together to maximize production and productivity.
He called on the nation to work together to realize PM Modi’s 5F vision for textiles – from farm to fiber to factory to fashion abroad.
The minister also said that India should aim for world dominance in organic cotton.