Suresh Prabhu, Union Minister of Commerce & Industry and Civil Aviation, advised the Indian textile industry to create a road map to tap into exports, at a global conclave in New Delhi on Wednesday. He added that the government is ready to extend help to the industry.
According to him, scaling up, increasing investments, optimising costs, and vertical integration can help boost contributions from the textile and apparel industry. He said, “Investing in new and efficient technologies and processes will lead to superior products.”
This way, the industry can look forward to exporting to countries other than the US and in the EU. “For this, the Government of India has been making efforts to identify potential export partners and strengthen relationships with them,” he added.
However, there was still some focus on the EU. “A free trade agreement with the EU would relieve pressure on the industry and enhance competition,” he said, and added that the government is looking to fast track the negotiations of Free Trade Agreements with EU and Australia.
To be specific, the Commerce Ministry is making efforts to onboard line ministries for greater synergy in order to promote exports. “The Indian textile industry should modernise its approach and technologies to gain competitive advantage over neighbouring countries and diversify product range across the value chain,” the minister said.