Indian Economy News

We must achieve target of $ 44 bn of Textile exports in 2021-22: Shri Piyush Goyal

Mr. Piyush Goyal, Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution, while interacting with the leader of the Indian Textile Industry, said, “We must achieve target of US$ 44 billion of Textile exports in 2021-22". He added that the government is open to consider all industry requirements to ensure all targets are achieved and stated that industries that do not depend on subsidies thrive much more. He further added that the industry is going to benefit from PLI Scheme for Textiles and MITRA Parks Scheme. He further stated that India has met all its international service commitments, which has made India a trusted partner of the world. India is showing signs of a robust economic recovery, with Total Merchandise Exports up to November 2021 of about US$ 262 billion. Mr. Piyush Goyal has asked the Textile Industry to aim for US$ 100 billion exports in a quick time.

Mr. Goyal expected exporters to back their nation with their Effort, Expertise & Efficiency and explore new markets. He asked participants and stakeholders to take care of small exporters & guide them. The Government, too, aims to provide a conducive ecosystem through simplified laws, RoSTCL & RoDTEP notification, etc and that upcoming FTAs with different nations will provide new avenues to build a trade partnership. It may be noted that Ministry of Textiles has adopted measures such as infrastructure and cluster development, technical textile mission, performance linked incentives and a zero-rated tax policy on exports to restore India’s pride in the global textile market.  

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