Vast textile export potential needs to be tapped

The 2024-25 Economic Survey has recommended throwing the kitchen sink at the textile export challenge to exploit the economic potential of this sector.

- Auhona Mukherjee

NEW DELHI:

Its recommendations include nudging creation of localised complex value chains, cutting regulatory cholesterol, focusing on man-made rather than cotton fabrics and striking trade deals to boost competitiveness.

The Survey's discussion on untapped potential of the textile sector builds on an analysis of India's underperformance in labour intensive sectors including textiles in the same document four years ago.

India has set a target of raising its textile exports to $150 billion by 2030. This number was $34 billion in 2023, the Survey says. What ails India's textile exports? A multitude of factors are to blame, the Survey adds, drawing useful comparisons with other countries.