Speaking at a virtual meeting with members of Export Promotion Councils, and other textile associations, Mr Piyush Goyal, Union Minister of Textiles, Consumer Affairs, Food and Public Distribution and Commerce & Industry, said that textile manufacturers should secure Cotton to meet their demands. Further, the industry should discuss strategies to ensure traceability of cotton and better value of cotton products.
The Minister said that a two-day meeting should be convened to discuss new ideas on strengthening the textile sector, where at least 50% participants should be youngsters, with the involvement of Quality Control of India (QCI), Commerce, DPIIT, Finance, Banking Export Insurance for holistic engagement, to ensure overarching themes may be discussed.
According to Mr Goyal, last year, textile exports were approximately 42 billion USD and the target is to achieve 100 billion USD in the next 5-6 years. The Minister said that if achieved, the economic value of the sector will be 250 billion USD collectively for domestic and international.
He added that funds are available under the Textile Mission and should be utilised for new projects and that the potential of the Textile sector may be showcased in G-20.