Textile Industry has a big role in making FTAs a success: Piyush Goyal

18 Aug 2022 , 09:59 AM

Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food & Public Distribution, Piyush Goyal said that Textile Industry has a big role to play in making Free Trade Agreements a success. Goyal said that innovation is going to be the defining feature in Indias march towards becoming a Developed Nation. He highlighted the role of innovation across all value chains in the Textile sector and also urged the Textile sector to focus on recycling and digitization. He said if the industry focuses on innovation, sustainability, digitisation, newer products and utilisation of Free Trade Agreements (FTAs), it can grow fast and compete with the best in the world. Speaking on sustainability, Goyal said that textiles sector can reduce the pressure on the environment by using reusable resources as well as reduce its own production costs. Piyush Goyal said that digitisation is another area which can help optimise the entire value chain in the sector. He expressed satisfaction at the fact that the industry captains are talking about digitisation. In current era of information technology, every industry is benefitting from new technologies like blockchain and more. He suggested that the industry should think about high quality products and elementary products like zip and embellishments, which the Indian textile industry imports at present.Powered by Capital Market – Live News