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Aim To Achieve US$ 100 Bln Textile Exports In 5-6 Years: Piyush Goyal

• By  Textile Excellence
• November 02, 2022

Union Commerce and Textile Minister Piyush Goyal said that textile exports were approximately US$ 42 billion while the target was to achieve US$ 100 billion by the next five to six years, and if this was achieved then the sector's value would be US$ 250 billion collectively for the domestic and international markets. Goyal was virtually addressing a meeting of the members of Export Promotion Councils. He said that textile manufacturers should start securing cotton to meet their demands. "All those involved with the cotton industry should meet to discuss the strategy to ensure traceability of cotton and better value of the cotton products," Goyal said. The minister further said that the funds were available under the Textile Mission and should be utilised in new projects. He also added that the potential of textile sector may also be showcased in the G20.

MMF will drive growth of Indian textile industry

Major growth of textiles will come from man-made fibre industry, said Goyal. He called upon the industry and said: “We should aspire to reach a stage where the entire demand is fulfilled by domestic supply thus making the industry Atma Nirbhar. This will secure the raw material availability to lakhs of weavers involved in the polyester value chain, thereby leading to enhanced production of finished goods, enabling realisation of the export targets.” He suggested that industry should understand each other and work in synergy to amicably resolve the issues among the producers and users of the polyester in the entire value chain. The industry representatives responded that they are very much hopeful of achieving the export of US$ 100 billion in the next 5 to 6 years. The industry representatives said the expansion of production capacity of key raw materials for manufacturing of polyester viz. purified terephthalic acid (PTA) and monoethylene glycol (MEG) is essential for increased production of downstream industry. It was informed that additional capacities of PTA are being set up and lakhs of looms are also being installed by the downstream industry which is still fragmented.

Retail traders focussed on Indian products this festive season

On the call of Confederation of All India Traders (CAIT) this year, Indian retail traders celebrated the festival as "Apni Diwali - Bhartiya Diwali" with complete emphasis on selling exclusively Indian products, which has led to robust sales for small scale industries, local businesses, craftsmen, artistes, artisans etc. From the day of first Navratri September 26 and till October 23, business of more than 1.25 lakh crore has already taken place in the country, CAIT said. CAIT Secretary General Praveen Khandelwal said that the total business of Diwali sale is expected to cross Rs 1.50 lakh crore which will be a major boon to retail trade of India. This is encouraging news in the midst of severe retail slowdowns in other parts of the world.

Union Commerce and Textile Minister Piyush Goyal said that textile exports were approximately US$ 42 billion while the target was to achieve US$ 100 billion by the next five to six years, and if this was achieved then the sector's value would be US$ 250 billion collectively for the domestic and international markets.