The Ministry of Textiles (MoT) has said that India’s textiles exports are expected to cross US $ 40 billion during the current fiscal.
During an event, Textiles Secretary UP Singh said that India would not only touch US $ 40 billion exports target (but) should be crossing the US $40 billion mark this year.
He said that the industry should look at exports, and see whether the growth is coming through volumes or price increase.
The textile export earning was US $ 30.89 billion with a drop of 9.7 per cent in 2020-21 over the previous fiscal. In 2019-20, India’s textile export was US $ 33.5 billion.
If the maximum increase in exports would come from the shipment of cotton yarn, then “I am not too comfortable. I would be happy if it comes through larger volumes,” he said.
He added that the world is adopting China+1 policy for obvious reasons, and, therefore, it is the right time for the Indian textile manufacturers to boost the trade of MMF products and increase its share in the global arena. The Government is aware of the issues of the MMF sector; however, it will only adopt the right policy measures keeping in view the interests of the larger segment.
The Secretary underlined that some apparel manufacturers have suggested banning the export of cotton yarn or raw cotton. Still, the Government has deliberately not taken those decisions because it does not believe in interfering with the market forces.
Earlier Darshana Vikram Jardosh, Minister of State for Textiles had also said that India has the potential to become the second-largest manufacturer of textile products in the world after China. “The textile industry remains one of the priority sectors for the Government of India,” the Minister said.
Source : https://in.apparelresources.com/