The Union minister of commerce & industry and civil aviation, Suresh Prabhu, has urged the textile industry to export products to countries other than the US and EU. For this, the government of India has been making efforts in identifying potential export partners and strengthening relationships with them, said Prabhu at a textile conclave in New Delhi.
According to projections, the Indian textiles and clothing industry has the potential to grow at CAGR of 14 per cent and reach $300 billion by 2025 from $150 billion achieved in the year 2017. The export of textiles and apparels are expected to reach $82 billion by 2021.
A free trade agreement with EU would relieve the pressure on the industry and enhance competitiveness. The government is also looking to fast track negotiations of Free Trade Agreements with EU and Australia, said Prabhu adding that a roadmap will help the Indian textile industry to tap the exports market.
“The contribution from textiles and apparel can be improved by scaling up and increasing investments into the industry along with cost optimisation and vertical integration. Investing in new and more efficient technologies and processes will lead to more superior products,” said Prabhu.
The Indian textile industry should modernise their approach as well as the technologies and gain competitive advantage over neighbouring countries and diversify product range across the value chain. The commerce ministry is making all efforts to onboard all line ministries for greater synergy in order to promote exports.