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Suresh Prabhu urges Textiles industry to prepare road map for boosting exports
Business

Suresh Prabhu urges Textiles industry to prepare road map for boosting exports

Agency News

New Delhi, Nov 28: Union Commerce and Industry Minister Suresh Prabhu on Wednesday urged the Textiles industry to prepare a road map in order to tap into the export market.

'Government is willing to extend all possible support to the textiles industry.,' he said addressing a Global Conclave of Confederation of Indian Textile Industry here.

Mr Prabhu 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 added.

The Minister said that the Indian textile industry should modernise their approach as well as the technologies and gain competitive advantage over neighboring countries and diversify product range across the value chain.

The Commerce Ministry was making all efforts to onboard all line ministries for greater synergy in order to promote exports, Mr Prabhu said, according to an official statement here.

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

A free trade agreement with EU would relieve the pressure on the industry and enhance competitiveness, the Minister said, adding that the Government was also looking to fast track negotiations of Free Trade Agreements with EU and Australia. (UNI)