India’s annual textiles exports can rise to USD 100 billion in the following 5 years from the current USD 40 billion, a prime official mentioned on Tuesday.
Speaking on the forty fourth Foundation Day of the Apparel Export Promotion Council (AEPC), Textiles Secretary Upendra Prasad Singh mentioned the nation’s attire business should deal with vertical integration to extend its scale and measurement and to learn from the production-linked incentive (PLI) scheme.
“Apparel and garmenting just isn’t very investment-centric however it is vital from the employment viewpoint. Perhaps, there’s a want for backward integration and extra of you can get into built-in value-chain like spinning and weaving,” Singh mentioned.
Virtually addressing the occasion, the textiles secretary mentioned that together with the PLI scheme, the federal government is dedicated to creating the Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) scheme successful. Idea is to not simply have a world class infrastructure but additionally a thriving business there, he added.
Stating that textiles has at all times been among the many prime priorities of the federal government, the secretary mentioned, “There are a number of large alternatives. The demand continues to be sturdy and the China plus one sourcing technique by the west is definitely a fantastic alternative for us.”
Singh mentioned it is determined by how good, environment friendly and built-in the Indian attire business is and the way it will increase its measurement and scale.
“We ought to be in a place to breach USD 20 billion attire exports by subsequent fiscal or the yr after that,” Singh mentioned.
He added that the nation’s textile exports can enhance from the current USD 40 billion to USD 100 billion in the following 5 years.
(Only the headline and film of this report might have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)