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Indian textile sector aims at $ 100 bn export

Sep 08, 2021
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

Image Source: Google Images

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