India's textiles sector aims to hit $100 billion exports in 5-6 years : Piyush Goyal
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Union minister Piyush Goyal has said that India's textiles sector aims to hit $100 billion exports in 5-6 years, which would take the industry's combined domestic and international economic value to $250 billion. He said outbound shipments from the country's textiles segment stood at around $42 billion in 2021-22.
The minister said manufacturers should start securing cotton to meet their demands. Besides, all those involved with cotton industry should meet to discuss the strategy to trace cotton and ensure value of the cotton products. He also said that last year, textile export was approximately $42 billion, while the target is to achieve $100 billion by next 5-6 years. He noted that if achieved, the economic value of the sector will be worth $250 billion collectively, including its domestic as well as international markets.
As per agriculture ministry's latest data, production of cotton is estimated at 34.19 million bales (of 170 kg each) in the 2022-23 crop year (July-June) as against 31.20 million bales in the previous year. Cotton is one of the major Kharif (summer-sown) crops. The harvesting of cotton crops has begun from October. Goyal said that funds are available under the Textile Mission and should be utilised in new projects, adding that the potential of textile sector may be showcased in G-20.
