Indian textile sector aims at $ 100 bn export

Textile minister Piyush
Goyal said that the sector will achieve $44
billion exports target in FY22, and in the next five years, is set to aim for
$100 billion outbound shipments.

He also said that $250 billion of domestic production is
possible at a meeting with textile exporters. Exporters have raised the issue
of a global shortage of containers and a resultant jump in freight rates.
Container prices have increased 300-500%.

He said the government will discuss with the shipping
lines to see what can be done to get adequate containers into the country and
rationalise the rates.

Goyal said the finance
ministry is likely to set up a review committee to examine inputs that are iven
by the industry for correction of rates under the Remission of Duties and Taxes
on Exported Products (RoDTEP) incentive scheme to make required changes in case
some anomalies have crept in.

On the issue of pending dues
to the exporters, Goyal said the textile ministry is working closely with the
finance ministry and most of them may be paid this year while the rest may be
cleared next year or at most in two years. The textiles ministry has proposed to develop seven Mega
Integrated Textile Region and Apparel (MITRA)
parks as part of a plan to double the industry size to $300 billion by 2025-26.

Source: Economic Times

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