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India aims to export 100 billion USD of textiles by 2030

27/04/2022 12:23 PM
India is also trying to get tariff access in the markets of the European Union (EU), Canada, the UK and the member states of the Gulf Cooperation Council. (GCC). India is negotiating free trade agreements with these countries.
India is working on a plan to increase textile and garment exports to $100 billion by 2030, Textile Minister Piyush Goyal said on Tuesday.

PTI quoted Indian Textile and Apparel Minister Piyush Goyal as saying on Tuesday that the country is working on a plan to increase textile and garment exports to $100 billion by 2030, in the context that the industry is recording get healthy growth.

Minister Piyush Goyal also said that exports will be boosted because the sector will be tax free in the United Arab Emirates (UAE) and Australia. India has signed a trade agreement with both these countries.

At a conference, he said, India is also trying to get tariff access in the markets of the European Union (EU), Canada, the UK and the member states of the Gulf Cooperation Council. (GCC). India is negotiating free trade agreements with these countries.

Besides, Minister Goyal also announced that textile and garment exports in the previous financial year reached 43 billion USD, compared with 33 billion USD in the previous year.



India's textile and garment sector is growing at a rapid rate, and the country is striving to bring the export turnover of this item to $100 billion by 2030.
Mr. Goyal added that the current geopolitical situation is changing and presents a huge opportunity for the industry to boost exports.

The Minister further emphasized the need to boost domestic cotton production as the current figure of about 500 kg/hectare is only half of the world average.
He added that it is necessary to maintain the right balance so that farmers and industry both get cotton at the right price./.
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