GET Stock QuotesNews18 APP
News18 English
»
2-min read

Suresh Prabhu Bats for Textile Sector to Boost Manufacturing Growth

The Union commerce and industry minister said he is holding talks with various countries to explore new markets for Indian fabrics, garments and apparels in order to boost exports, as he said the industry is working in 'sub-optimal' level for its over-dependence on the European Union and the US for exports.

PTI

Updated:May 4, 2018, 8:00 PM IST
facebookTwittergoogleskypewhatsapp
Suresh Prabhu Bats for Textile Sector to Boost Manufacturing Growth
Union commerce and industry minister Suresh Prabhu. (File photo)
Loading...
Ahmedabad: Union commerce and industry minister Suresh Prabhu on Friday stressed on the need to promote the textile industry to give a boost to the manufacturing sector, as he claimed that the sector contributes only 16 per cent to the country's GDP at present.

Prabhu said he is holding talks with various countries to explore new markets for Indian fabrics, garments and apparels in order to boost exports, as he said the industry is working in 'sub-optimal' level for its over-dependence on the European Union and the US for exports.

"Contribution of manufacturing sector is only 16 per cent to our economy. It is also a fact that the textile sector is a major player in that contribution. But, when only 16 per cent of our GDP comes from manufacturing, it is not enough for a sustainable economy. Thus, it is necessary to scale up that contribution," said Prabhu.

He was speaking here today at the inaugural ceremony of the three-day 'Farm to Fashion - Indian Textile Global Summit 2018', organised by the Gujarat Chamber of Commerce and Industry (GCCI) as well as Maskati Cloth Market Mahajan.

"We mainly export to the US and Europe. And, when the season goes away in those markets, we do not have enough orders, as we don't have markets in other parts of the world. Garment and apparel industry is working in sub-optimal level. They don't work for all the 12 months.

"Things can change if we get orders, and that is why we are exploring new markets. We are talking to Latin American countries to explore new markets for our products. We are also working on making Khadi as globally accepted garment. We are also exploring Australia as a potential market," Prabhu said.

The minister added that the Centre is also encouraging foreign direct investment (FDI) in the textile sector, which according to Prabhu has the potential to create "millions of jobs".

On the occasion, GCCI president Shailesh Patwari urged the Central government to consider implementing a uniform textile policy across the country in line with GST.

"Recently, Maharashtra announced its textile policy, under which, the state government is offering subsidies. We believe that there should be only one policy across the country. Otherwise textile units will shut down here and shift to Maharashtra," he said.

"Just like the GST, dubbed as one nation-one tax, there should be a uniform policy not just for the textile industry, but for all the sectors. The government should think about 'one nation policy' for all the sectors," he added.

Speaking on the occasion, Gujarat chief minister Vijay Rupani exuded confidence that the textile sector is capable of strengthening rural economy and create large-scale employment.

Rupani added that his government is working towards building robust infrastructure to ensure that cotton produced by farmers gets consumed by the garment industry in the state, saving time and energy to export it.
| Edited by: Bijaya Das
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Kotak Mahindra 1,198.35 -6.35
Reliance 1,090.25 -3.84
Sun Pharma 399.00 -2.98
CPSE ETF 22.32 -0.80
Yes Bank 165.65 -0.33
Company Price Change %Gain
Reliance 1,088.50 -3.95
Kotak Mahindra 1,198.15 -6.56
Yes Bank 165.35 -0.45
Sun Pharma 398.85 -3.03
CPSE ETF 22.33 -0.76
Top Gainers
Company Price Change %Gain
IOC 134.35 3.55
BPCL 330.25 1.49
HPCL 226.70 0.85
Coal India 238.15 0.59
Maruti Suzuki 7,350.50 0.50
Company Price Change %Gain
Coal India 238.60 0.76
Maruti Suzuki 7,350.10 0.49
Top Losers
Company Price Change %Gain
Kotak Mahindra 1,198.35 -6.35
Indiabulls Hsg 686.60 -4.22
UltraTechCement 3,776.55 -3.97
Reliance 1,090.25 -3.84
Adani Ports 359.15 -3.83
Company Price Change %Gain
Kotak Mahindra 1,198.15 -6.56
Reliance 1,088.50 -3.95
Adani Ports 359.35 -3.85
Asian Paints 1,272.70 -3.48
Tata Motors 156.85 -3.45

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results