Piyush Goyal asks textile industry to double its revenues in the next 5-7 years

18 Aug 2022 , 10:24 AM

India’s textile ecosystem, according to textile minister Piyush Goyal, can reach $250 billion in the next 5 to 7 years and contribute to the development of the nation’s economy.

He also urged businesses to take full advantage of the free trade agreements (FTA) that India is negotiating at the Asian Textile Conference (ATEXCON), which was held by the Confederation of the Indian Textile Industry.

Goyal urged the textile industry to grow to a $100 billion industry at the earliest opportunity, saying that India could have at least a quarter of a trillion dollars’ worth of textile ecosystem in the next 5-7 years and “become a developed country.”

“The government’s objective is to sign FTAs with the industrialized countries. I hope you will research our free trade agreements, apply them wisely, and reap the rewards,” Goyal added.

Without a big increase in India’s exports to these regions, according to the minister, “we won’t receive the pleasure that we’re doing the right thing.”

Goyal stated, “We will also be making sacrifices or opening our markets in exchange for you getting market access for labor-intensive sectors like textiles, leather, and sportswear.

He emphasized the textile industry’s more significant and obvious results.

He made the suggestion that the sector should consider both high-quality products and basic imports like zip and decorations.