India sets $300-billion textile goal for 2030, export target $100 billion: Margherita
Union MoS Pabitra Margherita says the target is raised keeping in mind the new markets explored and PM Mitra mega parks planned to boost production.
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Guwahati, Dec 6: The Government of India has chalked out a plan to make the textiles a 300-billion USD industry by 2030, Union Minister of State for Textiles, Pabitra Margherita said. He also said that plans have been chalked out to increase exports, and new countries have been targeted for exports.
Talking to The Assam Tribune, Margherita said that at this moment, textiles is a 140-billion USD industry, of which exports account for 37 billion USD. He said that the target is to increase the exports to 100 billion USD by the year 2030.
The Minister pointed out that India has a huge domestic market and the demand is increasing with every passing day. The industry will continue to grow because of the strong domestic market, but at the same time, the plan is to boost exports as far as possible.
Replying to a question whether the increase in tariff rates by the US affected exports, Margherita said that around 29 per cent of the exports go to the US. Despite the tariff hike, the exporters are still holding on, and as trade talks with the US are on, there is a possibility that the rates would come down. The aim is to look for new markets while holding on to the existing markets.
The Minister revealed that Indian cotton garments are popular all over the world, but the cotton produced in India is not adequate to meet the demand. That is why India has to import cotton, and to give a boost to the sector, the Government of India has given tax exemption to cotton fibre imports.
Replying to a question whether deterioration of the situation in Bangladesh led the garment manufacturers to shift to India, Margherita said, “Let us not talk about the situation in Bangladesh. But the fact remains that big brands are coming to India. We have received an intent of investment of Rs 21,000 crore.”
Margherita revealed that the Government is going to set up PM Mitra mega textile parks in the states, which are traditionally strong in textiles. It would go a long way in giving a major boost to the sector in the days to come. He said that the market is on a strong footing and is confident of meeting the target.