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India should increase its textile exports five times

The Minister said Indian industrialists should align with best standards in Textile manufacturing for their domestic and international consumers.

SNS | New Delhi |

Time has come to target five fivefold increase in export of Technical Textiles in the coming three years, said Union Textile Minister Piyush Goyal here on Friday.

Speaking to representatives of Indian Technical Textile Association( ITTA), the Minister said the Centre would  support  PLIs for the Textile Sector in States supporting development and offering affordable infrastructure for Textile Manufacturing like cheap land and power .

The Minister said Indian industrialists should align with best standards in Textile manufacturing for their domestic and international consumers.

It may be noted that the growth of Technical Textiles in India has gained momentum in the past 5 years, currently growing at 8 % per annum rate. Our aim is to hasten this growth to 15-20% range during next 5 years, the Minister said.

Current world market is 250 Billion USD (18 Lakh Crore) and  India’s share  in it is USD 19 Billion. “India is an aspiring player with USD 40 Billion in size in this market (8% share). The biggest players are the USA, Western Europe, China and Japan (20 – 40% share),” the Minister said.

He further mentioned that with these objectives in mind, the government has launched the National Technical Textiles Mission in February 2020, with a view to make India a self reliant, vibrant, export oriented economy in the world.

He said ” Our aim is  to transform India into a major player in innovations, technology development, applications in key areas (agriculture, roads & railways, water resources, hygiene and healthcare, personal protection) with emphasis on higher education and skilled workforce”,

He said that trade balance earlier used to be negative ( -Rs 2788 Crore) in 2018-19 and ( – Rs 1366 Crore in 2019-20), which has turned positive  with 1767 Crore in 2020-21. During the year 2020-21, India’s  major share of exports is in PPEs, N-95 and Surgical Masks, Fabric for PPEs and Masks, the Minister said.