What is the News?
The Union Minister for Textiles has asked the textile industry to set an aim to increase textiles exports three times from the present export value of $33 billion to $100 billion of textiles exports.
India’s Textile and Apparel Industry:
India is among the world’s largest producers of Textiles and Apparel. The domestic textiles and apparel industry contributes 5% to India’s GDP and 12% of the country’s export earnings.
India is the 6th largest exporter of textiles and apparel in the world. The share of India’s textiles and apparel exports in mercantile exports is 11% for the year 2019-20.
The textiles and apparel industry in India is the 2nd largest employer in the country providing direct employment to 45 million people and 100 million people in allied industries.
Export Target for Textile Sector:
The government aims to reach the target of $ 44 bn of exports in 2021-22 for Textiles & Apparel including Handicrafts from the present export value of $33 bn.
Initiatives to improve exports in Textiles:
Amended Technology Upgradation Fund Scheme(ATUFS)
Production-Linked Incentive (PLI) Scheme in Textiles Products.
Mega Investment Textiles Parks (MITRA) Scheme: Under this, there is a plan to establish Seven textile parks over three years.
Source: This post is based on the article “Govt sets export target for textile industry at $100 bn, up from $33 bn” published in PIB on 4th September 2021.