Textiles Secretary UB Singh said on Wednesday that India's textile exports are anticipated to exceed USD 40 billion this fiscal year. However, he stated that "I am not too comfortable" if the largest rise in exports comes from the shipment of cotton yarn.
"Not only will we hit the USD 40 billion export objective, but we should be crossing the USD 40 billion mark this year in terms of exports," Singh said.
He urged the business to examine exports to see if the increase is due to volume or pricing increases. At a function, he added, "I'd be glad if it came through in higher volumes."
Some garment industry participants have urged restricting the export of cotton yarn or raw cotton, according to the secretary, but the government has purposefully avoided making such choices since it does not believe in interfering too much with market forces.
He expressed hope that 12 states would apply for Mega Integrated Textile Region and Apparel (PM MITRA) parks.
Minister of State for Textiles Darshana Vikram Jardosh, who spoke at the event, also stated that the government has taken initiatives to foster the growth of man-made fibre.
Contributions of Textiles Industry:
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The textile industry is primarily concerned with the design, production and distribution of yarn, cloth, and clothing. The raw material may be natural, or synthetic using products of the chemical industry.
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The textile industry is important to the Indian economy because it employs an estimated 35 million people directly, contributes 4% of GDP, and accounts for 35% of gross export earnings. The textile industry accounts for 14% of the value-added in the manufacturing sector.
