Ambitious Plans for Textile Sector as Modi Govt aims to raise exports by USD 100 mn – check details here

The government is planning an ambitious plan for the textile sector, as in a recent meeting the Union Ministry for Commerce & Industry and textiles, Piyush Goyal said that the government wanted to increase the textile exports by USD 100 million. Zee Business Research Analyst Mansi Dave has this detailed report.

The government wants to increase apparel and handicraft textile exports by USD 44 billion from USD 33 billion at present, Goyal said in a meeting. 

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In order to achieve this, the central government along with state governments will provide all the help from land to electricity and all requisite things that would improve the business of the industry, the textile minister said in the meeting.

Moreover, the ministry is also planning a PLI (production linked incentive) scheme for technical textile and man-made fiber, Goyal had said during a discussion in a meeting. He added, India is also discussing free trade and preferential trade with the United Kingdom, European Union, and Australia. 

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These initiatives will improve the domestic production and manufacturing along with textiles export, Goyal said.  In the first half of the financial year 2020-2021, the United States exports increased to 55 per cent. India is at fourth position in textile export after China, Bangladesh, and Germany.

The majority of the textile companies’ stocks such as Welspun India, Siyaram Silk Mills, and Bombay Dyeing concluded higher during today’s session. 

Welspun India closed around 9 per cent to hit a new 52-week high of Rs 137.35 per share, while Siyaram Silk ended around 10 and Bombay Dyeing settled over 2 per cent at close.