Textiles exports to touch $100B in the next 5 years: Textiles Secretary
Upendra Prasad Singh said that India is in a position to breach $20 billion apparel exports by next fiscal or the year after that.
India's annual textiles exports can rise to $100 billion in the next five years from the current $40 billion, a top official said on Tuesday.
Speaking at the 44th Foundation Day of the Apparel Export Promotion Council (AEPC), Upendra Prasad Singh, Secretary, Ministry of Textiles, said the country's apparel industry must focus on vertical integration to increase its scale and size and to benefit from the production-linked incentive (PLI) scheme.
"Apparel and garments are not very investment-centric but it is important from the employment point of view. Perhaps, there is a need for backward integration and more of you can get into integrated value-chain like spinning and weaving," Singh said.
Virtually addressing the event, the textiles secretary said that along with the PLI scheme, the government is committed to making the Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) scheme a success. The idea is not to just have a world-class infrastructure but also a thriving industry there, he added.
Stating that textiles have always been among the top priorities of the government, the secretary said, "There are a lot of big opportunities. The demand continues to be robust and China Plus One sourcing strategy by the West is certainly a great opportunity for us."
Singh said it depends on how good, efficient, and integrated the Indian apparel industry is and how it increases its size and scale.
"We should be in a position to breach $20 billion apparel exports by next fiscal or the year after that," Singh said.
He added that the country's textile exports can increase from the current $40 billion to $100 billion in the next five years.
Edited by Saheli Sen Gupta