: PLI Scheme for Textiles soon to triple exports to 0 Bn: Piyush Goyal #FinanceIndia #StockMarketNEWS PLI Scheme for Textiles soon to triple exports to 0 Bn: Piyush Goyal New Delhi, Sept 4 (KNN) India

@StockMarketNEWS Mon 06 Sep, 2021

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PLI Scheme for Textiles soon to triple exports to 0 Bn: Piyush Goyal #FinanceIndia #StockMarketNEWS
PLI Scheme for Textiles soon to triple exports to 0 Bn: Piyush Goyal New Delhi, Sept 4 (KNN) India must aim to increase textiles exports 3 times from the present export value of bn  to $ 100 bn of textiles exports at the earliest, Piyush Goyal, Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution said while interacting with the leaders of Textile Industry in India.

He said that we must all collectively resolve to reach the target of $ 44 bn of exports in 2021-22 for Textiles & Apparel including Handicrafts. The textile sector is expected to surpass all past records.

The Minister said that his Textile Ministry is working closely with MOF to resolve the issue of old dues on incentives for Exporters. He said that Government is always open to consider all industry requirements. He said that Industries that don’t depend on Subsidies thrive much more.

He further stated that PLI Scheme for Textiles & MITRA Parks Scheme is at advance stage of Approval. He added that story of the Indian Textile Industry and our weavers have been using centuries-old knowledge, craft & techniques to create timeless fabrics. The level of artistry & intricacy is unparalleled. The world would have never experienced these products if it hadnt been for our ‘Textile Exporters. ’

The Minister mentioned that India has met all of its international service commitments, which has made us the trusted partner of the world. He added  it may be noted that India is showing signs of robust economic recovery as the GDP in Q1 2021-22 grew by a phenomenal 20. 1% and 90% growth was seen in total FDI inflow in 1st three months of FY 2021-22 as compared to the same period last year.

The Merchandise exports in August 2021 is ~ $ 33 bn, which is up by 45% over 2020-21 & up 27. 5% over 2019-20 and merchandise exports for Apr-Aug, 2021is ~ 4 bn,  up by 67% over 2020-21 & up 23% over 2019-20, he added.

The Minister said that he was extremely proud of the achievements of the Textile Industry. He said, "We must all collectively resolve to reach the target of $ 44 bn of exports in 2021-22 for Textiles & Apparel including Handicrafts. We can no longer be satisfied with small increments, its time for a quantum jump".

He called upon the Industry to aim to increase textiles exports 3 times from present export value of bn (i. e. Cross $ 100 bn of textiles exports) at the earliest and enhance domestic production to $ 250 bn as well in a very quick time. Exporters must back the expectations of the nation with their Effort, Expertise & Efficiency.