India's FTAs with UK, US, EU will open up new opportunities for textiles sector: Margherita
Minister of State for Textiles Pabitra Margherita on Tuesday said that free trade agreements (FTAs) with the US, UK and the European Union (EU) will open up new opportunities for the textiles sector in India.
She also said that the country's textile exports have crossed USD 34 billion and the target is to reach USD 100 billion by 2030.
"On the trade front, the India-UK Free Trade Agreement and our ongoing negotiations with the EU and the US will open up new avenues for growth.
"These are high-value, quality-conscious markets and we are committed to equipping Indian exporters with the right strategy, standards and compliance to capitalise on these opportunities," he said.
Inaugurating the 73rd edition of the India International Apparel Fair (IIGF) at Yashobhoomi, Margherita said the textile and apparel industry contributes 2.3 per cent to India's GDP, 13 per cent to industrial output and 12 per cent to exports.
"In 2023-24 alone, we exported textile products worth USD 34.4 billion, with apparel accounting for 42 per cent. "Our target now is to take textile exports past the USD 100 billion mark by 2030 and every MSME, every entrepreneur and every exporter has a role to play in achieving this," the Apparel Export Promotion Council (AEPC) quoted the minister as saying in a statement.
The AEPC is organising the three-day fair, which is being attended by over 360 exhibitors from across the country and buyers from 80 countries.
Margherita also said that it is Asia's largest apparel fair, showcasing not just fabrics and fashion, but also creativity and craftsmanship.
This year buyers are coming from various countries and regions, including North America, Latin America, Europe, Asia, Oceania, Africa and Eurasia.
The minister said with over 80 per cent of India's textile sector being driven by MSMEs, it is important to focus on increasing productivity, ensuring stable supply of raw materials and reducing import dependency to remain competitive.
"With the right policy initiatives, innovation and global partnerships, this could be the decade in which India emerges not just as a volume player but also as a value-added powerhouse in global apparel exports," he said.
India's apparel exports are expected to reach US$40 billion by 2030. The cumulative growth of 12.8 per cent in apparel exports in the first two months of 2025-26 is a testimony to this progress.
"This is despite global challenges such as the war in the Middle East, the war between Russia and Ukraine, global logistics challenge, tariff uncertainty by the US and slowdown in many global markets," Sekhri said.
