Textile ministry has set an ambitious target of increasing the exports of textiles to 100 billion dollar which will be over three times the current export value of 33 billion dollar at the earliest. Union Minister for Commerce & Industry, Textiles, Public Distribution and Consumer Affairs Piyush Goyal said, the textile industry should collectively achieve 44 billion dollar of exports target in the year 2021-22 itself.
He informed the ministry is working with finance ministry closely to resolve the issue pertaining to old dues of exports incentives and that the government is open to consider all the requirements of the industry. He added that MITRA Parks Scheme and PLI scheme for textile as well as Mega Investment Textiles Parks are at advance stage of approval while at the same time the launch of international fiber quality Indian brand Kasturi Cotton, has opened new opportunities for the Textile Industry to expand business opportunities.
Goyal said the Indian Textile Industry and the weavers have been creating timeless fabrics by using centuries old knowledge, techniques and craft. Meanwhile, he said, the country is showing robust signs of economic recovery. The GDP has registered phenomenal increase of 20.1% in Q1 2021-22 while 90% growth has been seen in total inflow of FDI in 1st three months of the current financial year in comparison to the same period of last year.
Extremely proud of the achievements, the Minister asked the leaders of the industry to guide and handhold small exporters. He said the government and exporters are partners in the growth story of India. The government aims to provide a conducive ecosystem for them to explore competitive and comparative advantage and these include reduction of compliance burden and simplification of laws, among others.
Goyal added that the textile sector has the Power, Promise and Potential to realise the goal of ‘Local goes Global – Make in India for the World’. The minister was speaking in a meeting held to discuss measures to boost manufacturing and enhance exports. The occasion witnessed industry leaders and prominent textiles exporters participating in the interaction.