Should aim to achieve $100B worth textile exports: Piyush Goyal
- ByAyushi Ray | September 4, 2021
Textile Minister Piyush Goyal said that $100B worth of textile exports will be soon done by India. He also said the Production Linked Incentive (PLI) 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.
“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. He added that export has to stand on its own feet and has to be independently viable as demand for subsidies would not always help. 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, European Union, the UAE and Australia, among others. Further, Goyal said they are working with the finance ministry on interest equalisation scheme and enhancement of insurance cover.
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