Indian textile exports can hit $100 bn by 2030: Goyal

TEXTILE SECTOR ACCOUNTS FOR OVER 10% OF INDIA’S TOTAL MERCHANDISE EXPORTS AT ABOUT $43 BN

NEW DELHI: Union textile, commerce and industry minister Piyush Goyal on Tuesday said India’s textiles exports have potential to touch $100 billion mark by 2030 with zero duty through free trade agreements with the United Arab Emirates and Australia, and expected similar arrangements with European countries and Canada.

While 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, he said the sector has shown healthy growth and has immense potential. Indian textile sector accounts for over 10% of the country’s total merchandise exports at about $43 billion.

India signed an interim FTA with UAE in February and another with Australia in first week of April that would allow zero duty exports of various manufacturing goods to the two countries. Textiles, handloom, handicrafts, technical textile and items of home furnishing are also part of the agreements.

He said that the textile sector is one of the largest job creators as trade deals would help in increasing exports from labour intensive industries. In cotton alone, India produces 23% total global output while sustaining over 6.5 million people, he added.

India must also be open to receiving new technology, rare minerals, raw materials which are in short supply in the country at reasonable costs, he said. “This will only increase our production, productivity and quality, which in turn will increase demand for our products all over the world,” he added.

Referring to the theme of the event,’Kapas ki Adhik Upaj,Shudh Upaj’, Goyal said the theme perfectly converged with Prime Minister Narendra Modi’s bid to boost farm production, productivity and raise farm incomes.

Speaking of the need to achieve ‘atmanirbharta’ [self-reliance] in the textiles sector, Goyal said, “Our textiles must become a symbol of quality, reliability and innovation.”

Pointing out that the world is looking for alternative manufacturing sourcing hubs owing to geopolitical reasons, the minister said that Indian textile industry is “in a very sweet spot” to grab this opportunity and hit ‘Mauke pe Chauka’.

He called upon Indian cultivators to adopt new technologies and global best farm practices. He spoke of the AI technology that is enabling farmers in Australia to control spraying operations, as cotton crop is sensitive to spraying through data-driven decision making.