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Textiles Minister Piyush Goyal has said that the sector will achieve $44 billion exports target in 2021-22, and in the next five years, both the ministry and the industry have agreed to aim for $100 billion outbound shipments. He also said export has to stand on its own feet and has to be independently viable as demand for subsidies would not always help.

Goyal has stated that 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. He also noted that 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. This scheme was announced in the Union Budget 2021-22.

On free trade pacts, the minister 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. Further, he said they are working with the finance ministry on interest equalisation scheme and enhancement of insurance cover.