11 January 2024, Mumbai
Facing a dip in traditional markets, India's textile industry charts a new course, aiming to reach a $100 billion export target by 2030. With Europe and US demand waning, the Textile Secretary, Rachana Shah, reveals a strategic shift towards untapped potential in Asia and beyond.
New Destinations, New FTAs: Australia and the UAE stand as immediate priorities with ongoing FTA negotiations. Japan and Korea, already established players, are targeted for increased trade. Meanwhile, talks with the UK and West Asian nations further broaden the export landscape.
Challenges and Solutions: Shah acknowledges hurdles like competitiveness, logistics, and fragmented value chains. To counter these, she advocates for expanding existing schemes like PM Mitra and Production-Linked Incentives (PLI).
PM Mitra's Boost: Under this scheme, Rs 500 crore will be invested in a textile park, with another Rs 300 crore aimed at attracting the targeted Rs 70,000 crore in overall investment.
PLI's Potential: This scheme hopes to lure Rs 19,000 crore in new investments over five years, aiming for a cumulative turnover of Rs 3 lakh crore and creating 7.5 lakh jobs.
By diversifying its export portfolio, expanding infrastructure, and incentivizing investments, India's textile industry is embracing a dynamic approach to navigate the changing global landscape.
The success of these initiatives will determine whether India stitches together a thriving future for its textile exports in the East and beyond.
