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Piyush Goyal expects 10x jump in Indian textile sector

Jul 21, 2021
Piyush Goyal expects 10x jump in Indian textile 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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