India's Free Trade Agreements Expand to 56 Countries, Boosting Textile Export Opportunities: Union Minister
Union Minister for Textiles Giriraj Singh on Saturday stated that India's free trade agreements (FTAs) with 56 countries have opened significant opportunities for the textile industry to compete with nations such as Pakistan, Bangladesh, and Vietnam.
Speaking at the golden jubilee event of the Karur Textile Manufacturers and Exporters Association in Tamil Nadu, Mr. Singh noted that when Prime Minister Narendra Modi assumed office in 2014, India had FTAs with only 10 countries. The number has since increased to 56, expanding export potential beyond a few nations. He encouraged exporters to leverage these agreements to tap into untapped markets worldwide.
Mr. Singh highlighted that the global textile export market is valued at $900 billion, with India's potential share estimated at $100 billion. Given the existing ecosystem, entrepreneurship, skilled labour, and the growth-focused approach of the Union government, he expressed confidence in India playing a key role in global textile exports.
The Minister also pointed out that Kanpur has emerged as a hub for textile machinery, with manufacturers upgrading technology through various means. He claimed that the number of textile machinery units has increased manifold under the Modi government, generating employment for four crore people.
Praising the contribution of Karur's entrepreneurs to nation-building, Mr. Singh noted that the city has become a major foreign exchange earner. Home textile products from Karur are in high demand in the United States, Canada, and Europe, with 70% of production exported and 30% sold domestically. He urged manufacturers to aim for full export orientation.
Emphasising cooperation between the Union and state governments, Mr. Singh called on the state government to aggressively promote sericulture.
P. Mathan Raja, Minister for Micro, Small and Medium Enterprises, said that Chief Minister C. Joseph Vijay is committed to industrial growth and that the government would take all necessary steps to accelerate it.
M. Beena, Development Commissioner for Handlooms at the Ministry of Textiles, stated that current textile exports stand at $30 billion. She noted that the Union government has set a target of $100 billion by 2030, achievable through alignment of Union and state efforts.
Other speakers included Dairy Development Minister C. Vijayalakshmi, MP S. Jothimani, and association leaders Atlas M. Nachimuthu and P. Gopalakrishnan.
