Union Textile Minister Piyush Goyal has given a 5-Point Mission to the Indian textile industry and said that if the industry focuses on innovation, sustainability, digitisation, newer products and utilisation of Free Trade Agreements (FTAs), it can expand its size to US $ 250 billion in the next 5-6 years and the textile industry will be able to achieve exports of US $ 100 billion.
Inaugurating the 10th Asian Textile Conference (ATEXCON) of Confederation of Indian Textile Industry (CITI), the Minister said that it was nice to see that the industry is seriously discussing innovation for productivity and expansion.
The industry can optimise its resources for demand by innovating its system.
It can utilise innovative ideas and digitisation in supply side too, and can handle stiff competition more effectively.
He said that sustainability is very important for the Indian textiles sector, which can reduce the pressure on the environment by using reusable resources. The industry can also reduce production costs through sustainability.
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. High-quality products can lend a good image to the industry.
He also insisted that the industry should focus on taking maximum benefits from present FTAs. The Government is focusing on signing more FTAs with developed countries.
The Union Minister of State for Textiles, Darshana Vikram Jardosh urged the industry captains to prepare itself to face the challenges of structural shift in the global textile market.
She said that the recent ban by the US on cotton originating from Xinjiang region in China is causing cotton prices to go up in the international market and the Indian industry needs to prepare itself to face the challenge.
During the day-long conference, CITI and Egyptian Cotton also signed a Memorandum of Understanding (MoU) to work together for mutual benefits.
