India's Textile Industry Poised for Global Domination with New FTAs

India's textile industry is on the cusp of remarkable growth, bolstered by free trade agreements with the US, UK, and European Union. Minister of State for Textiles, Pabitra Margherita, emphasized the new opportunities these agreements will present in high-value and quality-conscious markets, promising to equip Indian exporters for success.

In 2023-24, India's textile exports hit USD 34.4 billion, with ambitions to reach USD 100 billion by 2030. The textile and apparel sector currently contributes significantly to the nation's GDP, industrial production, and exports. The ongoing India International Garment Fair in Yashobhoomi demonstrates India's commitment to showcasing its textile craftsmanship to a global audience.

Sudhir Sekhri, Chairman of the Apparel Export Promotion Council, noted the potential for India to become a value-added export powerhouse with the right policies and partnerships. Despite global challenges such as geopolitical tensions and economic slowdowns, India's garment exports are expected to grow, aiming to reach USD 40 billion by 2030.

(With inputs from agencies.)