Union Minister of Commerce and Industry Piyush Goyal today said the new economic cooperation and trade agreements with Australia and the UAE would open infinite opportunities for Indian textiles, handloom, footwear and other products.
He said that Indian textile exports to Australia and the UAE would now face zero duty and expressed confidence that soon Europe, Canada, the UK and GCC countries would also welcome Indian textile exports at zero duty.
Goyal was delivering the keynote address at the Golden Jubilee celebrations of the ‘Confederation of Indian Textile Industry- Cotton Development and Research Association’ (CITI- CDRA) in New Delhi.
He mentioned that trade agreements would help in increasing exports from labour-intensive industries. He added that India must also be open to receiving new technology, rare minerals, raw materials which were in short supply in India etc. from the world at reasonable costs. This would only increase India’s production, productivity and quality, which, in turn, would increase the demand for Indian products all over the world, he said.
Goyal also said that the Indian textile Industry has the potential to achieve $100 billion dollars in exports by 2030.
The minister observed that more than just fibre, cotton has been an integral part of the Indian culture, lifestyle and tradition.
Reminiscing the monopoly enjoyed by India in manufacturing various cotton textiles for about 3,000 years, the minister said the entire world talked about the superiority of Indian fabrics. He also spoke of the Khadi ‘Charkha’ (spinning wheel) of Gandhiji which became a symbol of Swadeshi and resistance against the British.
Speaking of the need to achieve ”Aatmanirbharta” in the textiles sector, Goyal desired that Indian textiles must become a symbol of quality, reliability and innovation.