A roadmap is being developed to help India achieve $100 billion in textile and apparel exports by 2030 through policy support and market expansion.
To attain its ambitious goal of textile and apparel exports worth $100 billion by 2030 from about $40 billion at present, India aims to double textile shipments to FTA partners, focus on traditional and high-value segments such as Geographical Indication products, carpets, handlooms and silk items, as well as develop non-exporting districts into exporting ones, officials said.
The ministry of textiles is preparing a roadmap to grow the nation’s share of these exports to around 12% from the current 5.8% to its free trade agreement (FTA) partners, besides enhanced targeted branding of high-value products, they added.
The ministry is also working on a diversification-driven strategy by doubling India’s share in the imports of top 40 countries to 10% at $55-60 billion from 4.8%, or $28.3 billion, at present. Traditional markets like the United States, European Union, and United Kingdom together account for about 55% of India’s exports, while emerging destinations such as Australia, Canada, Bangladesh, the United Arab Emirates, and Sri Lanka contribute 20%.
“We need to increase the market linkage efforts for products with strong export potential, cultural value, and employment intensity,” said an official. As per the roadmap, states are being asked to focus on developing new exporters and handholding first-timers, diversify into new products, and bring new districts into the export ecosystem.
News Courtesy : The Economic times