Home / Industry / Manufacturing /  Union Minister Piyush Goyal aims to take textile export to $100 bn by 2030

Noting that the textiles sector is recording a healthy growth, Union Minister Piyush Goyal on Tuesday pitched for taking the textiles exports of the country to USD 100 billion by 2030. Further pointing out that India has signed a trade pact with the UAE and Australia, the minister said, the exports would get a boost as the sector would get zero-duty access in these countries. 

The Centre is also trying to get zero duty access in the markets of the European Union, Canada, the UK and member countries of the Gulf Cooperation Council (GCC)

During an event, Piyush Goyal said, in the last fiscal the textiles exports stood at USD 43 billion as against USD 33 billion in the previous year. "The sector is growing at a fast pace and we should take exports to USD 100 billion by 2030. We will leave no stone unturned to achieve this aggressive growth and substantial target." 

Need to promote cotton production

Goyal also stressed on the need to promote cotton production in the country.  The price of cotton is high today and the government is keeping a constant control over that, he said adding “there is a need to maintain the right balance so that farmers and the industry both get cotton at right prices."

Goyal said the country must be open to receive from the world new technology, rare minerals, raw materials which are in short supply in India, at reasonable costs. "This will only increase our production, productivity and quality, which in turn will increase demand for our products all over the world," he said.

Pointing out that the world today was looking for alternate manufacturing sourcing hubs owing to geopolitical reasons, the minister said the textile industry is in a "very sweet spot to grab this opportunity and hit 'Mauke pe Chauka''.

(With inputs from agencies)

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout