Textiles minister sets up 4 committees on market diversification
New Delhi: Despite global challenges, the Indian textile industry will reach a target of $100 billion in exports by 2030, said textiles minister Giriraj Singh on Wednesday. In response to the US’ 50% steep tariffs, he formed four committees to give suggestions on expanding into new markets, according to the textiles ministry.
These committees focus on fiscal and ease of doing business measures, structural reforms in the textile value chain, improving cost competitiveness and innovation, and reaching the $100 billion exports target by 2030.
Singh led a high-level meeting with key industry stakeholders from the textiles and apparel sector to assess the changing global trade environment, including the recent announcement of reciprocal tariffs by the US, and to plan a forward-looking strategy for the industry.
“The minister encouraged exporters to look into the EU, which imports textiles worth $268.8 billion—more than double the US market. India is currently working on FTA talks with the EU,” the ministry added.
The textiles sector is expected to be one of the most affected by the tariffs.
Last week, US President Donald Trump signed an executive order raising tariffs on imports from India to 50%, the highest rate on any country, matching Brazil’s levels. This move marks an increase in trade tensions between the two nations.
