Suresh Prabhu urges textile industry to tap into new products and new markets

Addressing a Global Conclave of Confederation of Indian Textile Industry in New Delhi on Wednesday, Prabhu said the government was willing to extend all possible support to the textiles industry, which is one of the pillars of the country’s foreign trade.

The minister said 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, he said.

The minister said that the Indian textile industry should modernise their approach as well as technologies and gain competitive advantage over neighboring countries and diversify product range across the value chain. The minister said the commerce ministry is making all efforts to onboard all line ministries for greater synergy in order 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, he said, the government has been making all efforts in identifying potential export partners and strengthening relationships with them.

He said 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, he added.