Prabhu asks textile industry to prepare roadmap to boost exports

Speed Post News Network

New Delhi : Union Minister for Commerce & Industry and Civil Aviation Suresh Prabhu on November 28, 2018, urged the textiles industry to prepare a roadmap to tap into the export market. Addressing a Global Conclave of Confederation of IndianT extile Industry in New Delhi, Prabhu said that Government is willing to extend all possible support to the textiles industry.

Prabhu said that the contribution from textiles and apparel can be increased by scaling up and increasing investments into the industry along with cost optimisation and vertical integration. Investing in new and more efficient technologies and processes will lead to more superior products. The Minister said that the Indian textile industry should modernise their approach as well as the technologies and gain competitive advantage over neighbouring countries and diversify product range across the value chain. He said the Commerce Ministry is making all efforts to onboard all line ministries for greater synergy to promote exports.

Prabhu further said that textiles industry should look forward to exporting their products to countries other than the US and EU. For this, the Government of India has been making all efforts in identifying potential export partners and strengthening relationships with them.

The Minister said that a free trade agreement with EU would relieve the pressure on the industry and enhance competitiveness. The Government is also looking to fast-track negotiations of Free Trade Agreements with EU and Australia, according to a PIB release.