Indian textile industry could expand in 5 to 7 years to size to $ 250 billion & achieve exports of $ 100 billion, says, Manoj Kumar Patodia, Chairman, Texprocil.
Upendra Prasad Singh, Textile, Secretary, stated that the government is looking at value added exports like fabrics, made ups & home textiles as exports of raw materials may not rise further due to increasing local demand.
While felicitating the winners of TEXPROCIL Export Awards 2020 – 2021 in Mumbai, he informed that the government has commissioned the PLI Scheme, MITRA Parks Scheme, GATI Shakti Scheme with a view to attract investments in the sector, reform infrastructure and address logistic bottle necks. He also said that focus on key growth areas like ‘sustainable textiles’, ‘technical textiles’ and ‘natural fibres’ and high-end technology is the success mantra for the future growth of textile industry.
Singh and Roop Rashi, Textile Commissioner, felicitated the winners of Texprocil Export Awards. The Cotton Textiles Export Promotion Council (TEXPROCIL) distributed 61 awards to 45 companies in 33 categories.
Manoj Kumar Patodia, Chairman – TEXPROCIL stated that textile and apparel exports achieved their highest ever level in the year 2021 – 2022 with an export turnover of USD 44.4 Billion, growing by 40% over the previous year. During the same period, export of cotton textiles (including raw cotton) grew by 54%, reaching a level of USD 16.42 Billion. In the next 5 to 7 years, Indian textile industry could expand in size to USD 250 Billion and achieve exports of USD 100 Billion.
He further added that as far as FTAs are concerned, the industry is already focusing on taking maximum benefits from present FTAs concluded with UAE and Australia which provides zero-duty access to Indian products in these markets. The conclusion of FTAs with Canada, EU, UK, Israel and GCC countries will give a further impetus and boost to trade. The Govt has worked out a Rupee Trade mechanism which will help Indian suppliers in exporting textile products to countries like Russia, Sri Lanka and Iran, he said.