India sets $100-billion Textile Export Targetfashioncareers
Union Textile Minister Piyush Goal has recently set a target of increasing the Export of textiles from current $40 Billion to $100 Billion. Textile Industry being a labour intensive industry can play an instrumental role in the job creation and boosting the foreign exchange reserves for the country, which aims to become a $5 trillion market by 2025.
As of now, India faces a stiff competition from countries like Bangladesh, Vietnam etc, which have seen huge growth in last few decades and have become established players in the sector after the China, whose share in global textile exports is declining.
However, this situation presents an opportunity for India to fill the gap.
The PLI scheme introduced in the textile industry can play a pivotal role in leading the growth in the export market. Union Government is also setting up 7 Mega textile parks in the country which would bring the whole textile industry ecosystem under one roof and will provide world class infrastructure to the companies thus attracting huge investment in the textile sector of the country and making India one of the most preferred RMG sourcing destinations.
The China plus One strategy being implemented by the Western countries and recently signed FTAs with UAE and Australia further provide the much needed opportunity to the textile sector of India to meet its ambitious target
Further, the Govt has recently announced to provide tax rebates through the scheme of RoSCTL to those in the textile industry.
Ably backed up by major policy initiatives such as PLI scheme , RoScTL, skill development initiatives and the 7 mega textile parks, Indian textile industry now has the wherewithal to ensure an exponential growth in the exports and achieve the target of $100 Billion!