India and the UK have agreed to an Free Trade Agreement (FTA), which is expected to help grow India’s textile industry. According to Raymond Group’s Chief Financial Officer, this agreement will help create a better supply chain that connects different parts of the production process. This improved supply chain is likely to make the textile sector in India grow more quickly.
Amit Agarwal, Chief Financial Officer of Raymond Group, said that India’s integrated supply chain will greatly help the growth of the textile sector, while talking about the India-UK Free Trade Agreement. “The textile industry creates a lot of jobs and brings in a lot of money from exports, making it an important part of the country’s economy,” Agarwal said to NDTV Profit. He called the India-UK FTA the start of a new chapter, adding, “We are very happy with this pact. We believe this is just the beginning, and we expect to see many more similar agreements in the future. “
Agarwal explained that the FTA will help Indian exporters compete more fairly with countries like Bangladesh, Vietnam, and Indonesia, which already have zero-duty benefits.
“Textile sector profits are low. Earlier, high duties made it hard to export, and we had to focus only on high-value products. This deal changes that situation,” he said.
He pointed out that Raymond will benefit from the agreement because of its integrated supply chain and its ability to manage lead times.
“We also have the advantage of lead times, which is very important in a competitive market,” he said.
Looking at India’s recent trade agreements, Agarwal said, “If you see what we have achieved with the UK, it’s similar to what we have done with Australia and a few other countries.
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He also mentioned confidence in the company’s growth in the UK market.
“Raymond has a great opportunity in the UK thanks to our integrated supply chain. In the next 18 to 24 months, we expect our export revenue from the UK to grow a lot. We should comfortably double our UK business. “
