Government of India wants to create 75 textile hubs like Tiruppur: Piyush Goyal
Hailing Tiruppur’s estimated exports that have grown about 2,000X since 1985, Union Minister Piyush Goyal said the region has made the country proud and produces textiles worth Rs 30,000 crore every year.
Addressing the Exporter’s Meet cum Felicitation Function at Tiruppur, Union Minister of Textiles, Commerce and Industry, and Consumer Affairs, Food & Public Distribution Piyush Goyal said the Government of India wants to create 75 textile hubs like Tiruppur, which will not only support textile product exports and ensure inclusion of sustainable technology, but will also generate huge opportunities for employment.
Hailing Tiruppur’s estimated exports that have grown about 2,000X since 1985, Goyal said the region has made the country proud and is home to textile production worth Rs 30,000 crore every year. He said that the sector provides direct employment to six lakh people and indirect employment to four lakh people.
“Tiruppur was exporting Rs 15 crore worth of textile products. In the year ended March 2022, the estimated exports from Tiruppur are Rs 30,000 crore. Considering the unprecedented growth of the textile sector in the region, in over 37 years, the compounded annual growth rate at Tiruppur comes to 22.87 percent," he said.
He added that Tiruppur has immense employment avenues and called upon youngsters to grab the opportunity.
Tiruppur is the leading source of hosiery, knitted garments, casual wear, and sportswear, and is a traditional centre for cotton ginning.
Goyal pointed out that all over India, roughly 3.5-4 crore people are engaged in the total value chain of the textile sector alone. Textiles is the second largest provider of work after agriculture, with an industry size of about Rs 10 lakh crore. Exports amount to about Rs 3.5 lakh crore.
The minister reiterated that the textile sector has the potential to grow to a Rs 20 lakh crore industry in the next five years with exports of Rs 10 lakh crore.
“Even then, a modest export target of Rs 7.5-8 lakh crore and production target of about Rs 20 lakh crore, which is doable in the next five years has been set,” he added.
Goyal talked about the challenges faced by India in terms of COVID as well as war between other countries.
However, he stressed that despite the challenges, India is one of the fastest growing economies in the world.
He said if India grows at 8 percent every year on a Compounded Annual Growth basis, the economy will double in about nine years’ time to be a $6.5 trillion economy. Similarly, in 18 years from now, the economy of India is predicted to be a $13 trillion economy. In 27 years from now, the economic growth can be calculated as $26 trillion after 30 years, it can be confidently said that India will be a $30 trillion economy.
Edited by Teja Lele