Demand for Indian textiles and garments has rebounded, notably in the US, EU, and UK markets, giving hope that the industry will reach a 33 percent increase in exports this fiscal year, according to Upendra Prasad Singh, Secretary, Union Ministry of Textiles.
Mr. Singh asserted that multiple factors were now in favour of Indian exporters, with many prominent brands seeking for alternatives to China and India being one of the key options, and that government policies, particularly RoSCTL and RoDTEP, would assist exporters this year.
Textile and clothing exports to India should reach $100 billion, from $33 billion now, Piyush Goyal has said. The stakeholders should collectively look at achieving $44 billion exports in 2021-2022 for textiles and apparel, including handicrafts. The different segments of the textile industry should support each other so that India was able to tap opportunities across the value chain in the global market.
He mentioned that the Production Linked Incentive Scheme for Textiles and the Mega Investments in Textile Parks Scheme were nearing completion. Some states have expressed interest in the park idea, and business should concentrate on economies of scale.
Concerning trade agreements to facilitate market access, the Minister stated that he has been communicating with several nations in order to expedite free trade agreements or preferential trade deals with countries such as the United Kingdom and Australia.
T. Rajkumar, chairman of the Confederation of Indian Textile Business, who attended the conference, stated that the textiles industry had performed well across the value chain in the previous year.
