Trade agreements with UAE and Australia will benefit Indian textile sector: Piyush Goyal
The minister shared that India was the largest producer of cotton. It accounts for 23 percent of the global production and employs around 65 lakh people directly or indirectly.
The new economic cooperation and trade agreements with Australia and the UAE will "open infinite opportunities for the textiles, handloom, and footwear sectors," according to Piyush Goyal. The Union Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution and Textiles further added that Indian textile exports to Australia and the UAE would now face zero duty.
Speaking at an event organised by Confederation of Indian Textile Industry-Cotton Development and Research Association, he also expressed his desire and hope to get more countries such as the UK, Canada, Europe, and the GCC (Gulf Cooperation Council) countries on board.
He also shed light on India's growth in the export market and the expectations for the next one decade. "The sector is growing at a fast pace and we should take exports to $100 billion by 2030. We will leave no stone unturned to achieve this aggressive growth and substantial target," he said.
Currently, the minister shared, India is the largest producer of cotton. It accounts for 23 percent of the global production and employs around 65 lakh people directly or indirectly.
To further grow this industry, the minister highlighted that the textile and apparel industry needs to focus on sustainability and encouraged farmers to deploy natural methods of farming. Citing the example of Australia, the union minister urged Indian cultivators to learn about the best practices and adopt technology to push the sector forward.
He also said that India should aim for global dominance in cotton production and to work together to achieve the 5F vision set forth by Prime Minister Narendra Modi — which is Farm to Fiber to Factory to Fashion to Foreign.
Edited by Kanishk Singh