CITI Proposes US Focused Strategy To Achieve USD 100 Billion Textile Export Target By 2030

ENA Sectors 2024-12-30 17:36:40 New Delhi, Dec 30 (KNN) The Confederation of Indian Textile Industry (CITI) has urged the government to implement focused policies and initiatives to boost investment and scale in the Textile and Apparel (T&A) sector as India targets ambitious exports of USD 100 billion by 2030. The industry body emphasised that strategic focus on key markets like the United States and European Union will be crucial to achieving this goal. CITI Chairman Rakesh Mehra emphasised the United States' vital role in India's textile export strategy, noting that it currently accounts for 27 percent of India's T&A exports. While exports to the US have grown at a compound annual growth rate (CAGR) of 3.3 percent over the past five years, Mehra stated that achieving the 2030 target would require accelerating this growth to approximately 16 percent CAGR. The organisation sees potential opportunities arising from expected policy changes under the newly elected US President Donald Trump. According to Mehra, anticipated additional tariffs on Chinese products could create an opening for India to expand its market share in the US, given China's current position as a major supplier of textile and apparel products to the American market. To capitalise on these opportunities, CITI has recommended a comprehensive marketing strategy focused on the US market, including trade exhibitions, buyer-seller meetings, and strengthened partnerships with US retailer associations. The industry body emphasised that enhancing India's visibility in the US market through such targeted initiatives would be essential for success. CITI has also called for sustained policy support to maintain the cost competitiveness of Indian textile and apparel products. Key recommendations include extending the Interest Equalisation Scheme (IES) and the Remission of Duties and Taxes on Exported Products (RoDTEP) for AA/SEZ and EoU units beyond their current December 31, 2024 expiration date. The organisation also advocated for income tax relief measures for MSME manufacturing units in the textile sector to promote sustainable industry growth. Mehra concluded that the combination of targeted policy interventions and market-specific initiatives would be crucial in strengthening India's export strategy and enhancing the global competitiveness of its textile industry. (KNN Bureau) 40435 https://knnindia.co.in/news/newsdetails/sectors/citi-proposes-us-focused-strategy-to-achieve-usd-100-billion-textile-export-target-by-2030 2024-12-30 17:36:40 knnindia.co.in CITI Proposes US Focused Strategy To Achieve USD 100 Billion Textile Export Target By 2030