The government today said India's textiles and apparel exports are likely to grow four fold to touch $90-100 billion in the next 25 years.
The country's textile exports declined by about 2 per cent in 2008-09 to $21.75 billion due to a slump in demand from global economies like the US and EU, which together accounts for the bulk of the country's textiles exports.
"India's textiles and apparel exports which are currently $22 billion, are expected to register four-fold increase to touch $90-100 billion in the next 25 years," Textiles Minister Dayanidhi Maran said in a statement.
Maran, who is in Tokyo to promote Indian clothing, today inaugurated the India pavilion at the Japan International Fashion Fair.
"With a view to diversify the textiles and clothing exports and reduce dependence on the US and the EU, the government is promoting Indian textiles exports to South East Asia, especially Japan," he said.
On the issue of India-Japan free trade agreement, Maran said that 11 rounds of Comprehensive Economic Partnership Agreement between the countries have been completed and hoped that the talks would be completed by the end of this year.
The minister has also invited the Japanese textiles industry to collaborate with the Indian firms in the areas of fabric manufacturing and garmenting.
Japan is one of the largest consumers of textiles, but India accounts for only a small share of 1.12 per cent in the Japanese import basket.
"India has planned to utilise this exhibition (JIFF) to showcase different textile products with a view to increase textiles exports to Japan," he said.
A delegation of textiles exporters is also accompanying Maran. The ministry is making efforts to attract foreign direct investment from Japan in the sector.
The $55-billion Indian textiles industry needs modernisation and there is a huge scope for Japanese investment in upgrading facilities in spinning, weaving, processing and garmenting.
Maran further said that the investment in textile industry is expected to increase to $30.9 billion by 2012, from $22.3 billion in 2008.
Source : Business Standard