Union Textile Minister, Piyush Goyal gave a five-Point Mission to the Indian textile industry while inaugurating the 10th Asian Textile Conference in New Delhi. He said if the industry focuses on innovation, sustainability, digitisation, newer products and utilisation of Free Trade Agreements (FTAs), it can expand its size to $250 billion in the next 5-6 years and the textile industry will be able to achieve exports of $100 billion.
Piyush Goyal was addressing the industry captains in the 10th Asian Textile Conference (ATEXCON). Earlier, State Textile Minister Darshana Jardosh, Textile Secretary, Upendra Prasad Singh and industry veterans and experts also addressed the conference.
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. The industry can handle stiff competition more effectively by innovation and digitisation. 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.
Piyush Goyal said that digitisation is another area which can help optimise the entire value chain. He said that he was very glad to know that the industry captains are already talking about digitisation. In current era of information technology, every industry is benefitting from new technologies like blockchain and more. 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.
The Minister said that the industry should focus on taking maximum benefits from present FTAs. Such agreements are arrangements between nations to give relaxations to each other. After the signing of FTAs, it was the industry’s duty to take maximum advantage. The minister said that the government is focusing on signing more FTAs with developed countries.
Piyush Goyal appreciated the futuristic approach of the 10th edition of the Asian Textile Conference. He remembered that Indians were lacking clothes 75 years ago when the country became independent. However, India has successfully overcome that challenge. He further said that the industry is now working along the lines of the vision of Prime Minister Narendra Modi.
CITI and Egyptian Cotton also signed a Memorandum of Understanding (MOU) in the presence of the textile minister. Both the industry bodies will work together for mutual benefits