We should take textiles exports to USD 100 bn by 2030: Goyal

Union Minister Piyush Goyal on Tuesday pitched for taking the textiles exports of the country to USD 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.

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The textiles exports last fiscal year stood at USD 43 billion as against USD 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 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.