Indian Economy News

Textile manufacturers should start securing Cotton to meet their demands: Mr. Piyush Goyal

To meet their needs, textile manufacturers should start securing Cotton. Additionally, Mr. Piyush Goyal, Union Minister of Textiles, Consumer Affairs, Food and Public Distribution and Commerce & Industry, all parties involved in the cotton industry should get together to discuss a strategy to ensure cotton's traceability and a higher value for cotton products.

He suggested holding a two-day meeting to discuss fresh suggestions for boosting the textile industry. Young people should make up at least 50% of the participants, and there should be participation from Quality Control of India (QCI), Commerce, DPIIT, Finance, Banking, and Export Insurance for a comprehensive engagement that allows for the discussion of overarching themes.

According to the Union Minister, the target is to increase textile exports to US$ 100 billion over the next five to six years from last year's estimated US$ 42 billion. He stated that, if successful, the sector's total economic value—domestic and foreign—will be US$ 250 billion.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.