03 September 2021, Mumbai:
Textiles Minister Piyush Goyal announced on Friday that the industry would meet its USD 44 billion export objective in 2021-22 and that the government and the industry have decided to strive for USD 100 billion in outbound shipments over the following five years.
He also stated that the Union Cabinet would soon adopt the Production Linked Incentive Scheme for technological textiles and man-made fibers, which will promote local production and exports.
According to the minister, the planned Mega Investment Textiles Parks (MITRA) project, which calls for the establishment of seven such parks around the country over the next three years, is nearing clearance. "I'm pleased with how the textiles industry has embraced the notion of setting higher goals. In the next five years, we must aim for a USD 100 billion export objective "he stated He went on to say that exports must be able to stand on their own two feet and be self-sustaining, as subsidies will not always be available.
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On free trade agreements, he stated that India is in talks with other countries to accelerate FTAs or PTAs (preferential trade agreements). This dialogue has continued with the United Kingdom, the European Union, the United Arab Emirates, and Australia, among others. Goyal also stated that they are collaborating with the finance ministry on an interest equalization program and an increase in insurance coverage.
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