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HomeBusinessUSD100 Bn Exports Can be Achieved by Indian Textile Sector by 2030: Piyush Goyal

USD100 Bn Exports Can be Achieved by Indian Textile Sector by 2030: Piyush Goyal

13 April 2022: Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal asserted that said that Indian textile Industry has the potential to achieve USD100 billion dollars in exports by 2030. Goyal was delivering the Keynote address at the Golden Jubilee Celebrations of the ‘Confederation of Indian Textile Industry- Cotton Development and Research Association’ (CITI-CDRA) in New Delhi recently. Vice President of India, M. Venkaiah Naidu was the chief guest at the celebration.

It may be noted that the Indian Textile sector accounts for about 10% (approximately USD 43 billion) of India’s total merchandise exports. India is the largest producer of cotton with 23% of global production, sustaining 65 lakh people, directly and indirectly, the Minister said.

The Minister said that new Economic Cooperation and Trade Agreements with Australia and UAE would open infinite opportunities for Textiles, Handloom, Footwear etc. He said that Indian textile exports to Australia and UAE would now face zero duty and expressed confidence that soon Europe, Canada, the UK and GCC countries would also welcome Indian textile exports at zero duty.

The Minister observed that more than just fibre, Cotton has been an integral part of Indian culture, lifestyle and tradition. He applauded CITI-CDRA for working towards developing a robust cotton ecosystem by directly engaging about 90,000 cotton farmers.

Goyal asked the textiles and apparel industry to focus on sustainability and farmers to focus on natural methods of farming. He called upon the nation to work together to achieve the 5F vision of the Indian Prime Minister for textiles – Farm to Fiber to Factory to Fashion to Foreign. The Minister also said that we must aim for global dominance in organic cotton. He urged the nation to be Vocal for Vocal and take Local to Global.

He expressed confidence that with a holistic vision and hard work, India would be at the forefront of the global textile industry and atmanirbhar in every sphere of the cotton Industry.

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