Indian textile industry to push for $100 billion in exports in five to six years
The new export target for the Indian textile sector has been set at $100 billion with the aim of reaching this figure in the coming five to six years. This would bring the country’s total domestic and international economic value of the textile industry to $250 billion.
Minister of Textiles, Consumer Affairs, Food, and Public Distribution and Commerce and Industry Piyush Goyal announced on October 27 that he aims for the textile industry to reach this ambitious target and level up from its 2022 financial year total of $42 billion. Goyal addressed members of a number of related export promotion councils at a video conference held in New Delhi, the Press Trust of India reported.
At the digital conference, Goyal instructed manufacturers to begin to secure cotton in order to meet higher export demand. Goyal also called upon all members of the cotton industry to gather together to create a strategy to ensure cotton traceability as well as its value.
Being a summer crop, the cotton harvest began this October. The government is confident that the 2022 to 2023 crop year for cotton will total around 34.19 million 170 kilogram bales, up from 31.2 million bales in the 2021 to 2022 crop year. Increasing cotton production is key to increasing overall textile exports, according to Goyal.
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