Indian Textile Industry Present at BOT Meeting for Raw Material Safety
In his opening remarks at the first BOT meeting, Goyal said, “Global confidence in India’s growth prospects was truly immense and called on the domestic industry to overcome all weaknesses when it comes to It’s all about seizing the plethora of growth opportunities available to the country. The world already regards India as a superpower. The meeting brought together various Ministers of State and other senior officials from key Ministries and States, all major trade and industry bodies, export promotion councils and industry associations. There were 29 new unofficial members who were also invited to the BOT meeting for the first time. The new BOT was formed by merging the Board for Trade Development and Promotion with the Board of Trade.
India’s textile industry has urged the government to take effective measures to stabilize raw material/fiber prices. The industry has been emphasizing commodity security at a meeting of the reconstituted Board of Trade (BOT). Trade and Textiles Minister Piyush Goyal said exports were at the core of the priorities to make India a developed nation by 2047.
Goyal stressed the need to conclude more free trade agreements (FTAs) with developed countries. He urged participants in the BOT meeting to focus on the opportunities each sector has in FTAs. Concluding his address, the Minister said that all issues raised by the participants will be addressed and the suggestions made by them during the meeting will be considered. The BOT meeting focused on setting export targets, the new Foreign Trade Policy (FTP) (2022-27) and strategies and actions to be taken to advance domestic manufacturing and exports.
Representing the textile industry, Narendra Goenka, chairman of the Apparel Export Promotion Council (AEPC), said there was a continuous increase in raw cotton prices. The trend is expected to continue given the global cotton shortage. Culture is under pressure this year in Pakistan, Brazil and the United States. Moreover, the ban on Chinese cotton from Xinjiang has already disrupted supply chains around the world.
Goenka added that the government should step in to regulate the export of raw cotton/cotton yarn appropriately, and thus ensure the continued availability of the raw material at a competitive price. He said the industry will be able to meet the export target of $17.2 billion for the year 2022-23, despite the recessionary trend that is felt in most importing countries. clothing.
The AEPC chief also advocated for PLI-2, extension of ATUFS, pre-clearance based on self-declaration, and removal of the condition to make the assignee liable and the apply to existing certificates under the RoSCTL for apparel exports.
Fibre2Fashion Information Office (KUL)