Indian textile exports likely to breach $100 bn mark in next 5 yrs: Union Textiles Secy
New Delhi: India’s textile exports can breach the $100 bn mark in next 5 years, Union Textiles Secretary, Upendra Prasad Singh said on Tuesday.
“The country’s textile exports can increase from the current $40 billion to $100 billion in the next five years,” he said in his address at the 44th Foundation Day of Apparel Export Promotion Council (AEPC).
Singh said that the Indian apparel industry must focus on vertical integration to increase its scale and size and to benefit from the Production Linked Incentive (PLI) scheme.
“Apparel and garmenting is not very investment-centric but it is very important from an employment point of view. Perhaps, there is a need for backward integration and more of you can get into integrated value-chain like spinning and weaving,” he said.
The Textiles Secretary said that along with the PLI scheme, the government is committed to make the Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) scheme a success.
“Idea is not to just have a world class infrastructure but also a thriving industry there. There are a lot of big opportunities. The demand continues to be robust and the China plus one sourcing strategy by the west is certainly a great opportunity for us,” he added.