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Business News/ News / India/  India seeks to capture world market, to become $30 trillion economy soon: Piyush Goyal
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India seeks to capture world market, to become $30 trillion economy soon: Piyush Goyal

The minister said, under the guidance of PM, the Centre is working actively with different countries to finalise free trade agreement which will give zero duty access to the textile sector in the world market.

The textile industry has huge potential for generating jobs. (ANI)Premium
The textile industry has huge potential for generating jobs. (ANI)

Union Minister Piyush Goyal said in all sectors, India wants to become a global industry. He added India wants to capture the world market. According to the minister, India would reach the $30 trillion economy mark from the level of 3 trillion economy. The textile industry has huge potential for generating jobs.

On Saturday, at an event in Coimbatore, Goyal said, "In all sectors, we want to become a global industry. We want to capture the world market."

Goyal said, "under the guidance of PM, the Centre is working actively with different countries to finalise free trade agreement which will give zero duty access to the textile sector in the world market."

In the inaugural of SIMA Texfair 2022, the 13th edition in its series, Goyal said, the textile industry has huge potential to generate jobs in coming years. While addressing, he appreciated the invention capabilities and entrepreneurial skills of Tamil Nadu especially the twin cities viz., Coimbatore and Tirupur.

He stated that Tamil Nadu would become the largest hub for textiles, pumps, wet grinders, critical components manufacturing, etc., in the world and boost the economic growth of the Nation.

Goyal highlighted the various policy initiatives taken by the Government and the hard work put in by the industry to achieve 440 billion US dollars in exports.

He said, "the country would reach 30 trillion economy from the level of 3 trillion economy and the government has been aggressively addressing all the structural issues including the tariff barriers, issues in taxation, global competitiveness, etc."

The minister advised all the stakeholders in the value chain to strive hard, stand united and thereby become the largest manufacturing country in the world. Also, he invited all the young and women entrepreneurs to come forward to make investments and contribute to the growth of the Nation.

Furthermore, the minister highlighted that from Farm to Fabric, Fabric to Finished Products, Finished Products to Fashion products, and then finally to Foreign Products, India has a major share in the entire value chain. He said that he admires the entrepreneurial skills of the people of Coimbatore. The city has many MSMEs & large-scale industries for textiles, Kovai Cora cotton Saree is GI tagged and is world-famous.

Highlighting Coimbatore is fast emerging as a major supplier for the Defence sector as well, he said, "we have decided to support SITRA so that they can produce more defence-related products which will help our jawans at the border. The uniforms are to be manufactured in India instead of importing them. Some clinical trials are required for some products."

"I have agreed to support this under National Technical Textile Mission. They will soon put in proposal," he said.

Also, he mentioned that when he visited SITRA, he saw a manufacturing facility for sanitary napkins. He said that it’s the priority of the Modi government to provide affordable sanitary napkins to women. He said that plans are in place to provide affordable sanitary napkins to the women folk of Tamil Nadu under PM Jan AushadhiYojana.

Under the Samarth scheme, Goyal said 2 lakh beneficiaries have been trained in the state, out of which 1.7 lakh candidates have been provided placement opportunities.

Reiterating the capability of India to become the second-largest manufacturer of PPE kits that not only protected the people of the Nation, and frontline workers, but also helped several countries through exports, Goyal said that India could manufacture PPE kits with the highest quality at an affordable price.

He acknowledged the contribution made by the South India Textile Research Association in various R&D activities and also the lead role played in manufacturing, testing, and certifying PPE kits. He assured extending necessary support to strengthen the R & D activities of SITRA.

Goyal further advised the textile machinery and spare manufacturers to achieve 100% self-sufficiency by manufacturing all the machinery from ginning to garmenting indigenously.

He said that India has already finalized two FTAs-Australia & UAE and negotiating with UK, Canada & EU. The FTAs will benefit business hubs like Coimbatore and Tirupur.

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Published: 26 Jun 2022, 04:56 PM IST
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