Target to reach $100 billion in textile exports in 5 years: Goyal

textile exports: The production of cotton during the crop season 2022-23 is estimated to be 3.41 crore bales as against 31.12 crore bales a year ago. Cotton is sown in the Kharif season and its harvesting also started in October.

Target to reach $100 billion in textile exports in 5 years: Goyal

Textile exports target to reach $100 billion

Image Credit Source: Video Grab

Union Textiles Minister Piyush Goyal said on Thursday that the intention is to increase the country’s textile exports to $100 billion in the next five-six years. On completion of this target, the total value of the textile industry will increase to $ 250 billion. In the financial year 2021-22, India’s textile industry exported about $ 42 billion. Addressing the members of the Export Promotion Councils through video conferencing, Goyal said that the manufacturers should start efforts to ensure the availability of cotton to meet the demand.

Ensure the price of cotton products

Along with this, he said that all the parties related to the cotton industry also need to make concerted efforts to ensure the price of products made from cotton. He said that last year textile exports were around $ 42 billion and in the next five-six years, it is targeted to increase to $ 100 billion. Goyal said that if this target of textile exports is achieved If so, the total domestic and international market value of this industry together will be $250 billion.

Estimated production of 3.41 crore bales of cotton

According to the Agriculture Ministry data, the cotton production during the 2022-23 crop season is estimated to be 34.1 million bales as against 31.12 million bales a year ago. A lump weighs 170 kg. Cotton is sown in the Kharif season and its harvesting has already started in October. Goyal said the funds available under the Textiles Mission should be used for new projects. He said that the potential of the Indian textile sector should also be showcased during the G-20 meetings and events.

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