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Business News/ Industry / Tap Africa, EU for textile exports, says PM

Tap Africa, EU for textile exports, says PM

Inaugurating the Bharat Tex textiles event, the prime minister also urged the industry to manufacture eco-friendly machineries in the country

Prime minister Narendra Modi speaks during the inauguration of Bharat Tex 2024 in New Delhi on Monday. (PTI)Premium
Prime minister Narendra Modi speaks during the inauguration of Bharat Tex 2024 in New Delhi on Monday. (PTI)

NEW DELHI : Prime Minister Narendra Modi exhorted captains of India’s textiles industry to tap the export potential for their products in Africa and the European Union.

This draws significance at a time when India is positioning itself as a global textiles sourcing destination by focusing on quality and sustainable manufacturing of apparel.

In the first 10 months of the current fiscal year, India exported $27.69 billion worth textile products across the globe. Textile exports to Europe stood at $7.67 billion, of which readymade garments accounted for about $4.30 billion.

Inaugurating the global textile event, Bharat Tex 2024, the prime minister asked textiles manufacturers to conduct a market survey in African countries as well as the EU and design clothing as per their requirements.    

“We are focusing on technology and innovation in the textiles sector on the principles of 5F. The ‘5F’ formula encompasses farm to fibre; fibre to factory; factory to fashion; [and] fashion to foreign," Modi said.

He also laid emphasis on reducing dependency on other developed economies for textiles machineries and asked domestic players to manufacture sustainable and eco-friendly machineries.

“BharatTex2024 is an excellent platform to highlight India’s exceptional capabilities in the textile industry," the prime minister said. “The expo is not just a textile show. The thread of textiles has brought the world together."

The textile industry is the country’s second-largest employer after agriculture, providing direct employment to 45 million people, and 100 million others in allied sectors. 

India is the world’s sixth-largest exporter of textiles and apparel, with the domestic apparel and textile industry contributing about 2.3% to the country’s GDP, 13% to industrial production, and 12% to exports.  

India’s textile and apparel market size is growing at a compound annual growth rate of 14.59% and is expected to reach $387.3 billion by 2028 from $172.3 billion in 2022, according to the Indian Brand Equity Foundation, a body established by the ministry of commerce and industry.   

Exports of ready-to-wear textile products increased 11% to $11.57 billion in January from $10.13 billion in December, according to the commerce ministry.

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Published: 26 Feb 2024, 01:53 PM IST
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