India’s Minister for commerce and industry, and textiles Piyush Goyal has said that the country’s textile industry should aid $100 bn exports in a quick time. The government is always open to consider all industry requirements to ensure that targets are achieved. He also said that industries that do not depend on subsidies thrive much more.
Goyal was interacting with the leaders of textile industry recently. The meeting was held with Textiles’ Export Promotion Councils (EPCs) and exporters of the industry. The Minster said, “We must achieve target of $44 bn of textile exports in 2021-22.” Prominent textiles exporters, EPCs, industry leaders participated in the interaction held to discuss measures to boost manufacturing and enhance exports.
Goyal further stated that PLI Scheme for Textiles & MITRA Parks Scheme is going to benefit the industry in a big way. India has met all its international service commitments, which has made the country the trusted partner of the world. India is showing signs of robust economic recovery, and total merchandise exports up to November 2021 were recorded at $262 bn.
At the meeting convened to review the progress being made by the country’s textile-garment industry, the minister said that we can no longer be satisfied with small increments; it is time for a quantum jump.
Goyal said that exporters must back the expectations of the nation with their ‘Effort, Expertise & Efficiency’. They should explore new markets. He asked the participants and stakeholders to especially take care of small exporters and guide them. The Minister added that the Indian Government aims to provide a conducive ecosystem to explore competitive and comparative advantage.
He said that the upcoming FTAs with different nations will provide new avenues to build trade partnerships. The Ministry of textiles has adopted a holistic development model of the sector supported by infrastructure and cluster development, technical textile mission, performance linked incentives and a zero rated tax policy on exports to restore India’s pride in the global textile market.
