FTA with UK to push textiles growth, says Minister

 

The India-UK Free Trade Agreement, and the ongoing free trade negotiations with the EU and the US will open new avenues for growth for the textiles sector, said Minister of State for Textiles Mr Pabitra Margherita while speaking at the inauguration of the 73rd Edition of India International Garment Fair (IIGF). These are high-value, quality-conscious markets and the government is committed to equipping Indian exporters with the right strategy, standards and compliance to seize these opportunities. In 2023-24, India exported textile products worth $34.4 billion, with apparel accounting for 42%. India aims to cross $100 billion in textile exports by 2030, and every MSME, entrepreneur, exporter has a role in achieving this. The textile and apparel industry contributes 2.3% to India’s GDP, 13% to industrial production and 12% to exports, as per a report.

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