NEW DELHI: The textiles industry must aim to increase exports three times to $100 billion from $33 billion soon, commerce & industry and textiles minister Piyush Goyal said on Friday.
He said the collective resolve must be to reach the target of $44 billion of exports in FY22 for textiles and apparel, including handicrafts. Goyal said that the production-linked-incentive scheme for textiles and MITRA parks scheme was at an advanced stage of approval.
He also said the Production Linked Incentive Scheme for technical textiles and man-made fibre segment will be approved soon by the Union Cabinet, a move which would give a boost to domestic manufacturing and exports.
The proposed Mega Investment Textiles Parks (MITRA) scheme, under which seven such parks will be set up in the country over the next three years, is at an advanced stage of approval, the minister told reporters here.
This scheme was announced in the Union Budget 2021-22.
“Delighted at the way the textiles sector has engaged with the idea of achieving bigger targets. We must aim for a $100 billion export target in the next five years,” he said.
On free trade pacts, he said India is interacting with different nations to expedite FTAs or PTAs (preferential trade agreements).
This engagement has been ongoing with the UK, EU, UAE, Australia, among others.
He said the collective resolve must be to reach the target of $44 billion of exports in FY22 for textiles and apparel, including handicrafts. Goyal said that the production-linked-incentive scheme for textiles and MITRA parks scheme was at an advanced stage of approval.
He also said the Production Linked Incentive Scheme for technical textiles and man-made fibre segment will be approved soon by the Union Cabinet, a move which would give a boost to domestic manufacturing and exports.
The proposed Mega Investment Textiles Parks (MITRA) scheme, under which seven such parks will be set up in the country over the next three years, is at an advanced stage of approval, the minister told reporters here.
This scheme was announced in the Union Budget 2021-22.
“Delighted at the way the textiles sector has engaged with the idea of achieving bigger targets. We must aim for a $100 billion export target in the next five years,” he said.
On free trade pacts, he said India is interacting with different nations to expedite FTAs or PTAs (preferential trade agreements).
This engagement has been ongoing with the UK, EU, UAE, Australia, among others.
For all the latest business News Click Here
Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
