The Indian textile industry is one of the labor-intensive sectors and the second-largest hub after agriculture with 4.5 crore people directly and 6 crore people indirectly employed. In order to boost the future growth of the country’s much burgeoning sector, Textiles Minister Piyush Goyal has asked the Textile industry to aim to increase textiles exports three times from the present export value of 33 billion dollars to 100 billion dollars at the earliest.
While Interacting with the leaders of the Textile Industry, the union minister stressed working collectively to reach the target of 44 billion dollars of exports in 2021-22 for Textiles and Apparel including Handicrafts. In a recent development, the union minister cleared Production Linked Incentive (PLI) scheme worth Rs 10,680 crore to accelerate the robust growth of the textile sector.
Piyush Goel asserted that his Ministry is working closely with the Ministry of Finance to resolve the issue of old dues on incentives for exporters. He said that the launch of the Indian brand Kasturi Cotton with international fiber quality has opened new opportunities for Textile Industry to expand business opportunities.
The textile industry in FY 2019-2020 grew by 1.66 percent to $35.696 billion from $35.381 billion of the previous year. In FY 2018-19, the sector contributed 7 percent of industrial output, 2 percent to GDP, 12 percent to export, and 5 percent in global trade.