India’s textile industry could expand in size to $250 bn and achieve exports of $100 bn over the next five-six years if the industry focuses on innovation, sustainability, digitisation, newer products and utilisation of Free Trade Agreements (FTAs), Union Textile Minister Piyush Goyal has said.
“FTAs with developed countries are an important agenda item of the Modi Government. We will continue to engage with you so that we can get the best out of these FTAs. I hope you will study our FTAS and make the best use of it…Unless we see significant ramp up of exports to these markets, we will not get the satisfaction that we are doing the right things,” Goyal said addressing industry representatives at the 10th Asian Textile Conference (ATEXCON) recently.
The industry can optimise its resources for demand by innovating its system. “It can utilise innovative ideas and digitisation in supply side too. The industry can handle stiff competition more effectively by innovation and digitisation,” the Minister said.
India’s textiles exports are set to cross $ 40 bn in the current fiscal while the industry is valued at over $100 bn.
Speaking at the event, Textiles Secretary Upendra Prasad Singh said that the Textile Ministry was likely to come up with the second phase of the Production Linked Incentive scheme for textiles soon and this time the focus is likely to be on garments.
He said that the Textiles Ministry was in consultation with States to ensure availability of efficient infrastructure including power and smoothening of labour laws at the Mega Textile Parks.