CITI urges strategic boost for textile exports to hit $100 billion target by 2030

The Confederation of Indian Textile Industry (CITI) has called upon the government to implement schemes that incentivize investment and growth within the textile and apparel (T&A) sector to achieve the ambitious $100 billion export target by 2030.

CITI Chairman Rakesh Mehra highlighted the potential of the US market, which currently accounts for 27 per cent of India's T&A exports. He emphasized the need to capitalize on recent political changes in the US, particularly the potential for increased tariffs on Chinese goods. This presents a unique opportunity for India to expand its market share.

To capitalize on this opportunity, CITI recommended strategic marketing initiatives such as trade exhibitions and buyer-seller meetings in the US. Additionally, the continuation of schemes like the Interest Equalization Scheme and RoDTEP beyond 2024 is crucial to maintain cost competitiveness.

Furthermore, CITI stressed the importance of income-tax relief for MSMEs to ensure sustainable growth within the textile sector. By implementing these measures and focusing on key export markets, India can strengthen its overall export strategy and enhance the global competitiveness of its textile industry.