The government aims to achieve $100 billion worth of textiles and garment exports over the next five years. It has urged the industry to take advantage of a global market shift where China is pruning its market share in the labor-intensive segment.

In FY21, India’s textiles and allied product exports declined by 10 per cent to $30.4 billion due to the Covid crisis. In the first five months of this fiscal, exports jumped by 87 per cent on year to $16.6 billion, aided by strong economic recovery in key markets such as the US and the EU. Still, the target remains much too ambitious.

Earlier this month, the Cabinet approved a scheme to incentivize investments in setting up mega textile parks to build scale in the fragmented sector. It followed a Rs 10,683-crore production-linked incentive scheme for man-made fiber products and technical textiles. Export tax refund schemes like the RoDTEP and RoSCTL have also been launched in recent years to improve the country’s export competitiveness.

By Fashionating World
https://www.fashionatingworld.com/new1-2/india-targets-100-billion-textile-and-garment-exports-in-5-years