Textile industry can reach $100 billion in exports by 2030: Piyush Goyal
The Indian textile industry has the potential to reach $100 billion in exports by 2030, said Union Trade, Industry and Textiles Minister Piyush Goyal. He added that 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 duty-free Indian textile exports.
The new economic cooperation and Trade agreements with Australia and the United Arab Emirates would open endless opportunities for textiles, hand weaving, footwear etc., Minister Goyal said during his keynote address at an event in New Delhi on Tuesday.
The Minister mentioned that trade agreements would help increase exports of labour-intensive industries.
India’s textile industry has the potential to export $100 billion by 2030, said Union Textiles Minister Piyush Goyal. He added that 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 duty-free Indian textile exports.
Emphasizing that the world is now looking for alternative manufacturing supply hubs for geopolitical reasons, the minister said India’s textile industry is in an ideal position to seize this opportunity.
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, supporting 65 lakh people directly and indirectly, Goyal said.
Listing the various interventions made by the government to improve cotton productivity such as High Density Planting System (HDPS), Drip Irrigation, Rainwater Harvesting, Intercropping, etc., the Minister said that we need to put more emphasis on special varieties of cotton such as Kasturi cotton.
Goyal also 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.
Minister Goyal said this during the Golden Jubilee celebrations of the “Confederation of Indian Textile Industry – Cotton Research and Development Association” (CITI-CDRA) in New Delhi.
Fibre2Fashion (KD) News Desk