Piyush Goyal expects 10x jump in Indian textile sector
Piyush Goyal, the Union Textile Minister of India, has set a target to scale up the capacity of the industry by 10 times as the government has given an indication to generate more investment and employment in the sector.
New Delhi
Piyush Goyal, the
Union Textile Minister of India, has set a target to scale up the capacity of
the industry by 10 times as the government has given an indication to generate
more investment and employment in the sector.
The minister has asked the team of officers to come up with a
detailed plan for every segment ranging from fibres, handloom, garments, and
handicrafts. He has also given a timeframe and a deadline to the officers,
according to the sources. At present, it is said that the textile industry is
estimated at $140 billion. The textile share is around 2.3% and offers the
largest employment in the country by employing around 45 million workers.
With the proposed free trade agreements with the UK, it is expected
that the integrated textile parks will be seen with one another in the thrust
area. The Indian exporters will be benefitted from this. It is also expected
that the textile industry in the country will be in a better condition to
compete with rivals like Bangladesh which enjoys wage and tariff advantages.
Goyal is also hopeful that the strategies that he
adopted in his earlier assignments like the LED bulb scheme will also create
more jobs. The minister has also asked the teams to improve the quality of the
handloom and handicraft.
Source – The Times Of India
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