Piyush Goyal eyes triple increase in textile exports, says India needs global players

On Friday, Central Minister for Commerce and Industry Piyush Goyal asserted that India must aim to boost its textile exports three folds from the present value of 33 billion dollars to 100 billion dollars at the earliest. The Minister was interacting with leaders of the textile industry. "We must all collectively resolve to reach the target of 44 billion dollars of exports in 2021-22 for textiles and apparel, including handicrafts," he added.

Goyal encourages businesses to flourish without subsidies from govt

The Union Minister stated that the Ministry of Textiles has been working closely with the Ministry of Finance to settle the issue of old dues on incentives for exporters. "Government is always open to considering all industry requirements," he said while adding that 'enterprises that don't depend on subsidies flourish much more'.

On occasion, Goyal said that PLI Scheme for Textiles and MITRA Parks Scheme has reached the advanced stage of approval. "The story of Indian textile industry and our weavers have been using centuries-old knowledge, craft and techniques to create timeless fabrics. The level of artistry and intricacy is unparalleled. The world would have never experienced these products if it hadn't been for our textile exporters," Goyal said.

Minister praises India's global service commitment

The Commerce and Industry Minister also maintained that India has met all of its global service commitments, which has made the country the trusted partner of the world. "It may be noted that India is showing signs of robust economic recovery as the GDP in Q1 2021-22 grew by a phenomenal 20.1 per cent, and 90 per cent growth was seen in total FDI inflow in first three months of FY 2021-22 as compared to the same period last year," Goyal added.

As per a press release, the merchandise exports in August 2021 were approximately 33 billion dollars, up by 45 per cent over 2020-21 and up 27.5 per cent over 2019-20. The merchandise exports for April-August, 2021 was approximately 164 billion dollars, up by 67 per cent over 2020-21 and up 23 per cent over 2019-20.

Goyal said that he was incredibly proud of the achievements of the textile industry. "We must all collectively resolve to reach the target of 44 billion dollars of exports in 2021-22 for textiles and apparel, including handicrafts," he added.

'It's time for quantum jump'

The Minister also said that traders can no longer be satisfied with small increments and that it is time for a quantum jump. Further, Goyal asked the industry to aim to increase textiles exports three times from the present export value of 33 billion dollars, i.e. cross 100 billion dollars of textiles exports at the earliest and enhance the domestic production to 250 billion dollars as well in a short time. Goyal said that exporters must back the country's expectations with their effort, expertise, and efficiency.

"They should explore new markets and also share market intelligence, demand info with others," Goyal said while urging the industry leaders to support small exporters and guide them. The Minister also noted that the Launch of the Indian brand “Kasturi Cotton” with international fibre quality has opened significant new opportunities for Textile Industry to expand business opportunities.

(With Inputs from ANI)

Image Credit: Piyush Goyal Twitter