In order to increase exports toward the US$100 billion objective by 2030, the Confederation of Indian Textile Industry (CITI) has urged the government to implement policies that encourage investment and scale in the textile and apparel (T&A) sector.
The Ministry of Textiles has set the lofty goal of exporting $100 billion worth of clothing and textiles by 2030. The US and EU markets will be crucial to reaching this challenging goal. To increase textile and clothing exports in these areas, the government must therefore create a number of export promotion programs.
About 27% of India’s T&A exports go to the United States, according to Rakesh Mehra, the chairman of CITI. India’s exports to the USA have grown at a CAGR of roughly 3.3% during the past five years. Our exports would need to increase at a CAGR of almost 16% in order to reach the ambitious goal of $100 billion in exports by 2030.
Mehra emphasized the possible advantages brought about by the recent political shifts in the United States. “As one of his first actions after winning the presidency, Donald Trump, the recently elected US president, is probably going to declare more taxes on Chinese goods. This tariff change offers India a special chance to increase its market share in the US since China is a significant exporter of T&A products to the US.
