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Piyush Goyal says 'We should take textiles exports to $100 bn by 2030'

India is negotiating free trade pacts with these countries.

Agencies | Updated on: Tuesday, April 12, 2022, 09:56 PM IST

The textiles exports last fiscal year stood at $43 billion as against $33 billion in the previous year. / Representative image
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The textiles exports last fiscal year stood at $43 billion as against $33 billion in the previous year. / Representative image |
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Union Minister Piyush Goyal on Tuesday pitched for taking the textiles exports of the country to $100 billion by 2030 as the sector is recording a healthy growth.

The textiles minister also said the exports would get a boost as the sector would get zero duty access in the UAE and Australia.

India has signed a trade pact with both these countries.

India is also trying to get zero duty access in the markets of the European Union, Canada, the UK and member countries of the Gulf Cooperation Council (GCC), he said here at a function.

India is negotiating free trade pacts with these countries.

The textiles exports last fiscal year stood at $43 billion as against $33 billion in the previous year.

''The sector is growing at a fast pace and we should take exports to USD 100 billion by 2030. We will leave no stone unturned to achieve this aggressive growth and substantial target,'' Goyal said.

He added that the current geopolitical situation is changing and it provides huge opportunities for the industry to boost exports.

The minister further emphasised on the need to promote cotton production in the country as the current figure of about 500 kilogram per hectare is half of the world's average.

The price of cotton is high today and the government is keeping a constant control over that, he said adding there is a need to maintain the right balance so that farmers and the industry both get cotton at right prices.

Goyal said the country must be open to receive from the world new technology, rare minerals, raw materials which are in short supply in India, at reasonable costs.

''This will only increase our production, productivity and quality, which in turn will increase demand for our products all over the world,'' he said.

Pointing out that the world today was looking for alternate manufacturing sourcing hubs owing to geopolitical reasons, the minister said the textile industry is in a ''very sweet spot to grab this opportunity and hit 'Mauke pe Chauka''.

Goyal further called upon cultivators to adopt new technologies and global best farm practices.

He added that modern Australian cotton growers were not just farmers but also drone pilots, data analysts and agri-scientists.

''We must augment the capacity of Indian farmers who are already very talented and capable, to make them experts in allied areas as well,'' he said adding the industry should focus on sustainability.

(With inputs from PTI)

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Published on: Tuesday, April 12, 2022, 09:56 PM IST