Piyush Goyal, the minister of commerce and industry, expressed optimism on Saturday that traders would soon be able to settle international trade in rupees as several foreign banks are opening special Vostro accounts with Indian banks.
The Reserve Bank of India (RBI) has granted 60 petitions from correspondent banks in 18 nations, including the UK, Singapore, and New Zealand, to open Special Rupee Vostro Accounts (SRVAs).He stated that there had been considerable stakeholder discussions on the second phase of the production-linked incentive plan for the textiles sector. I’m fairly certain that we will soon be able to complete the plan’s details and submit it for consideration at the highest level, the speaker continued.
According to Goyal, Indian When compared to developing nations like Bangladesh, textile exporters formerly faced customs tariff disadvantages; but, as the government signs trade agreements with places like the UAE and Australia, local exporters will be able to push shipments.
Goyal stated that the textiles ministry has agreed to form an ESG (environmental, social, and governance commitments) task force to promote sustainability in the textiles industry.
The task group will provide ideas to improve the sector’s sustainability and environmental friendliness. In order to encourage the sale of handicrafts and handloom products, the textiles ministry has also developed a portal.
He said that the National Textiles Corporation’s units’ viability and other issues had been reviewed with the Finance Ministry, but that no decision had been made as of yet. yet been taken.
The minister stated that efforts are being made to create cotton varieties that are immune to pink worms, which are hurting cotton crops in some regions. In regards to exports, Goyal expressed assurance that the USD 100 billion goal for the textiles sector would be accomplished.
Additionally, he claimed that collaborating with the industry will increase its total domestic and global economic value to USD 250 billion. “It’s doable. We will undoubtedly succeed in that, he continued. Goyal was in Rajkot as a participant in the Saurashtra Tamil Sangamam, which is being held as part of the ‘Ek Bharat Shreshtha Bharat’ Initiative in Gujarat.
