(MENAFN- KNN India)
Union Minister Piyush Goyal credits Textile Industry for success of FTAs
New Delhi, Aug 18 (KNN) Textile Industry plays a significant role in the success of Free Trade Agreements (FTAs), said Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food & Public Distribution Piyush Goyal on Wednesday.
The Textile Minister said if the industry focuses on innovation, sustainability, digitisation, newer products and utilisation of FTAs, it can grow fast and compete with the best in the world.
Delivering the Keynote address at the 10th Asian Textiles Conference TEXCON, he encouraged the industry towards innovations and sustainability.
He said that FTAs with developed countries is high on the agenda of Modi-led central government.
The conference was organised by Confederation of Indian Textile Industry (CITI) on the theme- 'Reimagining the Textile and Apparel Industry for the next Decade'.
He expressed satisfaction at the fact that the industry captains are talking about digitisation.
“In current era of information technology, every industry is benefitting from new technologies like blockchain and more,” said the minister.
He suggested that the industry should think about high quality products and elementary products like zip and embellishments, which the Indian textile industry imports at present.
During the event CITI and Egyptian Cotton also signed a MoU and both the industry bodies agreed to work together for mutual benefits.
MoS for Textiles, Darshana Vikram Jardosh in her address, urged the captains of the Indian textile and apparel industry to prepare themselves to face the challenges of structural shift in the global textile market.
In his welcome address CITI chairman, T. Rajkumar said that the global textile industry is witnessing a reshuffle of the entire supply chain including the countries from which apparel is sourced.
He said that the value of global textile and apparel exports stood at USD 828 billion in 2021, registering a growth of 8 per cent over USD 770 billion in the previous year.
The share of textile, apparel and handicrafts in India's total exports was 10.62 per cent in 2021-22.
In addition to being the largest producer of cotton and jute, India is the second largest producer of silk. The technical textiles segment too has an estimated 9-11 per cent share in the global market. (KNN Bureau)
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