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India's textiles, allied product exports worth $30.4 bn in FY21

25
Oct '21

Pic: Shutterstock

India’s textiles and allied product exports were worth $30.4 billion in fiscal 2020-21, down by 10 per cent from a year before due to the pandemic, according to the textile ministry, which recently said that in the first five months of this fiscal, such exports jumped by 87 per cent on year to $16.6 billion, aided by strong economic recovery in key markets.

The government has set an ‘aspirational’ target of $100 billion for textiles and garment exports over the next five years, Darshana Vikram Jardosh, minister of state for textiles, told an international conference on textiles and apparel organised by the Confederation of Indian Industry (CII) recently.

She urged the industry to take advantage of a global market shift where China is pruning its market share in the labour-intensive segment.

“We will remain committed to ensuring implementation of all development schemes and bring in many more schemes in pursuit of this aspiration,” she was quoted as saying by Indian media reports.

Earlier this month, the cabinet approved a scheme to incentivise investments in setting up mega textile parks to build scale in the fragmented sector. That followed a ₹10,683-crore production-linked incentive scheme for man-made fibre products and technical textiles.

Fibre2Fashion News Desk (DS)

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