Goyal says recent trade pacts offer zero duty on textile products
Commerce and Industry Minister Piyush Goyal has set a target of US$100 billion exports by 2030 for the textile industry, pointing out that benefits expected from the recently signed trade agreements with Australia and the UAE.
“The new Economic Cooperation and Trade Agreements with Australia and UAE would open infinite opportunities for Textiles, Handloom, Footwear among others, as the Indian textile exports to Australia and the UAE would now enjoy zero import duties in those markets.
He also expressed confidence that soon Europe, Canada, the UK and the GCC countries would also welcome Indian textile exports at zero duty.
Goyal was delivering the Keynote address at the Golden Jubilee Celebrations of the ‘Confederation of Indian Textile Industry-Cotton Development and Research Association’ (CITI-CDRA) in New Delhi on 12 Apr 2022.
The Trade Agreements would help in increasing exports from labor intensive industries, he added.
India must also be open to receiving new technology, rare minerals, raw materials from the global suppliers at reasonable costs “to increase our production, productivity and quality, which in turn increase demand for our products all over the world,” he said.
Goyal called upon Indian cultivators to adopt new technologies and global best farm practices, pointing out that the AI technology that is enabling Australian farmers to control spraying operations as cotton crop is sensitive to spraying.
The Minister commented that modern Australian cotton growers were not just farmers but drone pilots, data analysts and agri-scientists. “We must augment the capacity of Indian farmers who are already very talented and capable, to make them experts in allied areas as well.”
He listed the Government’s interventions for enhancing the productivity of cotton such as High-Density Planting System (HDPS), Drip Irrigation, rainwater harvesting, inter-cropping among others. “We must place greater focus on special varieties of cotton such as the Kasturi cotton.”
“We must encourage innovation, Research & Development and asked farmers to work in collaboration with ICAR, Agri-Universities, IARI and Cotton Research Institutes.”
He also asked research institutions of eminence working in the field of cotton farming and textiles to work with each other to maximize production and productivity.
The Indian textile sector accounts for about 10% (approximately US$43 billion) of India’s total merchandise exports. The country is also the largest producer of Cotton with 23% of global production, sustaining 65 lakh people directly and indirectly, the Minister said. fiinews.com
