India aims to increase textile exports 3 times

New Delhi [India], September 3 : During an interaction with leaders of the textile industry, Union Minister for Commerce and Industry Piyush Goyal said on Friday that the nation must aim to increase textile exports three times from the present value of 33 billion dollars to 100 billion dollars at the earliest.
“We must all collectively resolve to reach the target of 44 billion dollars of exports in 2021-22 for textiles and apparel including handicrafts,” he added. Goyal said that the Textile Ministry is working closely with the Ministry of Finance to resolve the issue of old dues on incentives for exporters. “Government is always open to consider all industry requirements,” he added while mentioning that the industries that don’t depend on subsidies thrive much more.
Speaking on the occasion, Goyal said that PLI Scheme for Textiles and MITRA Parks Scheme is at an advanced stage of approval.
“The story of Indian textile industry and our weavers have been using centuries-old knowledge, craft and techniques to create timeless fabrics. The level of artistry and intricacy is unparalleled. The world would have never experienced these products if it hadn’t been for our textile exporters,” Goyal said.
The Minister said that India has met all of its international service commitments, which has made the nation the trusted partner of the world. “It may be noted that India is showing signs of robust economic recovery as the GDP in Q1 2021-22 grew by a phenomenal 20.1 per cent and 90 per cent growth was seen in total FDI inflow in first three months of FY 2021-22 as compared to the same period last year,” he added.
As per a press release, the merchandise exports in August, 2021 was approximately 33 billion dollars, which is up by 45 per cent over 2020-21 and up 27.5 per cent over 2019-20. The merchandise exports for April-August, 2021 was approximately 164 billion dollars, up by 67 per cent over 2020-21 and up 23 per cent over 2019-20.
Goyal said that he was extremely proud of the achievements of the textile industry. “We must all collectively resolve to reach the target of 44 billion dollars of exports in 2021-22 for textiles and apparel including handicrafts,” he added.
The Minister also said that we can no longer be satisfied with small increments and that it is time for a quantum jump.
Further, Goyal asked the industry to aim to increase textiles exports 3 times from the present export value of 33 billion dollars i.e. cross 100 billion dollars of textiles exports at the earliest and enhance the domestic production to 250 billion dollars as well in a short time.
Goyal said that exporters must back the expectations of the nation with their effort, expertise, and efficiency. “They should explore new markets and also share market intelligence/demand info with others,” Goyal said while asking the industry leaders to handhold small exporters and guide them.
The Minister added that the government and exporters are partners in India’s growth story and that government aims to provide a conducive ecosystem, to explore India’s competitive and comparative advantage, including simplification of laws, reduction of compliance burden, RoSTCL and RoDTEP notified, etc.
Goyal said that the launch of the Indian brand “Kasturi Cotton” with international fibre quality, has opened great new opportunities for Textile Industry to expand business opportunities.
“I personally have been interacting with different nations to expedite FTAs/PTAs (UK, EU, Australia, etc.). It will provide new avenues to build a loyal customer base,” Goyal added.
Further, the minister said that the textiles sector has the power, promise, and potential to realise the goal of ‘Local goes Global – Make in India for the World’.

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