Textile Industry Should Look Forward To Exporting Products To Countries Other Than The US And EU

Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, urged the textiles industry to prepare a road map in order to tap into the export market. Addressing a Global Conclave of Confederation of Indian Textile Industry in New Delhi yesterday, Prabhu said that Government is willing to extend all possible support to the textiles industry. Suresh Prabhu said that the contribution from textiles and apparel can be increased by scaling up and increasing investments into the industry along with cost optimization and vertical integration.

Investing in new and more efficient technologies and processes will lead to more superior products. The Minister said that the Indian textile industry should modernize their approach as well as the technologies and gain competitive advantage over neighboring countries and diversify product range across the value chain. The Minister said that the Commerce Ministry is making all efforts to onboard all line ministries for greater synergy in order to promote exports.

Suresh Prabhu further said that textiles industry should look forward to exporting their products to countries other than the US and EU. For this, the Government of India has been making all efforts in identifying potential export partners and strengthening relationships with them. He noted that a free trade agreement with EU would relieve the pressure on the industry and enhance competitiveness. The Government is also looking to fast track negotiations of Free Trade Agreements with EU and Australia.

Powered by Capital Market - Live News