Union Minister of Textiles Piyush Goyal on Wednesday said that last year, Textile export was approximately $ 42 billion while the target is to achieve $ 100 billion in the next 5-6 years. He mentioned that if achieved, the economic value of the sector will be 250 billion USD collectively for domestic and international.
He was virtually addressing a meeting of the members of Export Promotion Councils. The virtual meeting was convened with senior representatives of all the 11 Export Promotion Councils under the Ministry of Textiles.
In addition, representatives of industry associations viz. The Confederation of Indian Textile Industry, the Tiruppur Exporters Association, and The Southern India Mills’ Association also participated in the meeting. \
He said that a two days meeting should be organized to discuss new ideas on strengthening the Textile sector. At least 50% of participants should be youngsters and there should be involvement of Quality Control of India (QCI), Commerce, DPIIT, Finance, and Banking Export Insurance for holistic engagement so that overarching themes may be discussed.
“Textile manufacturers should start securing Cotton to meet their demands. Besides, all those involved with the Cotton industry should meet to discuss the strategy to ensure the traceability of cotton and better value of the cotton products,” Goyal said.
The minister further said that the funds were available under the Textile Mission and should be utilised in new projects.
He also added that the potential of the textile sector may also be showcased at the G20.
Participation of industry representatives in the shopping festivals recently announced by the Finance Minister may also be pursued, he said.
(with inputs from IANS)