Recently, Textiles Minister Piyush Goyal said that the textile sector should achieve USD 44 billion exports target in 2021-22, and in the next five years, both the ministry and the industry have agreed to aim for USD 100 billion outbound shipments. At present, the sector is valued at around $33 billion. The Centre is also in talks with state governments to help businesses get land, power and other utilities at attractive rates to set up mega textile parks, he further added.
He also said the Production Linked Incentive Scheme for technical textiles and man-made fibre segment will be approved soon by the Union Cabinet, a move which would give a boost to domestic manufacturing and exports.
The proposed Mega Investment Textiles Parks (MITRA) scheme, under which seven such parks will be set up in the country over the next three years, is at an advanced stage of approval, the minister told reporters here.
This scheme was announced in the Union Budget 2021-22. He added that export has to stand on its own feet and has to be independently viable as demand for subsidies would not always help. On free trade pacts, he said India is interacting with different nations to expedite FTAs or PTAs (preferential trade agreements). This engagement has been ongoing with the UK, EU, UAE, Australia, among others.