India’s textile exports are likely to cross the $40 bn mark in this fiscal, said Textiles Secretary Upendra Prasad Singh. However, he added that he is not comfortable with maximum increase in exports coming from cotton yarn. He also appealed to the industry to work with the government to emerge again as the 2nd largest exporter of textiles and apparel (T&A) products in the world in the next 2-3 years.
The government has realised that the growth in the textile sector can be achieved only through promoting right policies in the MMF Sector. The world is adopting China+1 policy for obvious reasons, and therefore, it is the right time for the Indian textile manufacturers to boost the trade of MMF products and increase its share in the global arena, said the Textiles Secretary while delivering the keynote address at CITI’s Man-Made Fibre Conclave 2022 recently.
He further said that the government is aware of the issues of the MMF Sector; however, it will only adopt the right policy measures keeping in view the interests of the larger segment. He said that the PLI and PM MITRA schemes were designed keeping in mind the growth potential of the MMF Sector and apprised the industry that several states have shown interest to be a part of PM MITRA scheme for promoting growth of textile sector in their states and provide adequate employment opportunities.
Chief guest Darshana Vikram Jardosh, Minister of State for Textiles and Railways, inaugurated CITI’s MMF Conclave 2022.
The Minister stated that India has to cover a long way to emerge as one of the leading manufacturers of MMF textile products. She stressed that the growth path is not so easy, and India has to face stern competition from the established players of MMF like China, Taiwan, South Korea, etc in terms of product quality, scale, lead times and prices. However, with increasing labour and manufacturing costs in these countries, there is an ample opportunity for India to attract global investments in the manufacturing of high value-added MMF product categories.
The Minister urged the industry to take a quantum jump by heavily investing in the MMF sector and taking maximum advantage of the schemes like PLI and PM MITRA for the holistic development of this particular sector. It will not only increase India’s share in the global trade but also provide huge employment opportunities for the Indian youth.
