Government to boost textile exports, sets $100 billion target by 2030

Boost textile exports: The government is intensifying efforts to bolster the country's textile exports, which experienced a second consecutive year of decline in 2023–24, according to Textiles Secretary Rachna Shah. The government has set an ambitious target to achieve $100 billion in textile product exports by 2030.

During April 2023–March 2024, India's cumulative exports of textiles and apparel decreased by 3.24 per cent to $34.4 billion, compared to $35.5 billion in the same period the previous year. In 2021–22, exports of textiles and apparel exceeded $41 billion.

Shah attributed the decline in textile exports in 2023–24 to challenges like the Red Sea crisis, which complicated trade. Despite ongoing geopolitical challenges, she noted that some exporters have seen improvements in their order books in the first quarter, indicating a potential uptick in shipments in the coming months.

To enhance exports, Shah highlighted a focus on products with high export potential through initiatives like the production-linked incentive (PLI) scheme. She also mentioned exploring new markets and leveraging free trade agreements (FTAs) to create more export opportunities.

Shah expressed optimism about the outlook for textile exports, anticipating increased exports driven by higher global demand. She cited positive reports from exporters in the first quarter, indicating a rise in orders for apparel and make-up.

India faces stiff competition in the global garment trade from countries like Bangladesh and Vietnam, which benefit from lower labour costs and larger operation footprints, as well as advantages from FTAs. Despite these challenges, the government is committed to strengthening the textile sector and boosting exports to meet its ambitious targets.

(With PTI inputs)