The Indian Texpreneurs Federation want the Centre to fix export targets for each segment of the textile value chain so that the industry moves towards achieving the 300 billion dollars of exports target by 2024-2025.
In a memorandum to the new Union Textile Minister Smriti Irani, the association said that segment-wise targets will help the industry and the Government identify areas with scope for increase in exports. For instance, Bangladesh was reducing import of yarn and purchasing more fabric.
Currently, India has over 60 per cent market share in yarn exports to Bangladesh and just 12 per cent share in fabric exports. India should look at capturing the potential for fabric in Bangladesh.
Markets such as Russia had huge prospects for the Indian textile industry. While Russia imports Rs. 65,000 crore worth textiles, Indian exports just Rs. 500 crore worth textiles to Russia.
In the last two months, cotton prices in the country have shot up by 35 per cent and this has hit the entire textile chain.
The ministry need to focus on export trade growth and co-ordinate with the industry for this.
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