India to finalise FTAs with more countries soon, says Minister

Union Minister for Commerce and Industry and Textiles Piyush Goyal (fourth right) at a stall at Texfair 2022 in Coimbatore on Saturday.

Union Minister for Commerce and Industry and Textiles Piyush Goyal (fourth right) at a stall at Texfair 2022 in Coimbatore on Saturday. | Photo Credit: S. Siva Saravanan

India is expected to finalise soon Free Trade Agreements (FTAs) with Israel, Canada, the United Kingdom and the European Union, Minister for Commerce and Industry and Textiles Piyus Goyal said here on Saturday.

Speaking at a meeting organised by the Southern India Mills’ Association (SIMA) after visiting Texfair 2022 and releasing the fair directory, he said India has finalised FTAs with the UAE and Australia. It is now talking with Canada, UK, Israel and the EU for FTAs. The FTAs will make the Indian textile industry more competitive and create more jobs.

The textile and clothing industry registered 40 % growth in exports in 2021-22 and is expected to achieve significant growth this year too. Prime Minister Narendra Modi is giving special attention to the textile sector. The RoSCTL scheme is continuing at earlier rates and all segments not covered under it are getting benefits under RoDTEP. A new scheme has been launched to promote research and innovation in technical textiles. “Now, we are promoting cotton and MMF so that we get a larger share in the world market and be recognised world over as a quality supplier of textile machinery and textile products,” the Minister said.

Coimbatore and Tiruppur will be engines for textile export growth in the coming years, he said.

“Tamil Nadu benefitted big from various schemes we have come up with and will continue to benefit,” the Minister added.

Union Minister of State for Animal Husbandry, Dairying and Fisheries L. Murugan said Tamil Nadu is one of the beneficiary States for the PM MITRA scheme.

Minister for Handlooms and Textiles R. Gandhi said Tamil Nadu accounts for one third for the country’s textile business. The State government has removed the market cess on cotton. The Central government should take measures to control cotton yarn prices.

Minister for Food and Civil Supplies R. Sakkarapani said the western districts of the State and Dindigul district were textile hubs and increase in cotton and yarn prices were affecting the textile value chain.

Tamil Nadu BJP president K. Annamalai said Prime Minister Narendra Modi wants to make India a leader in textiles. The Central government not only removed the import duty on cotton when prices shot up but also constituted the Cotton Council of India to monitor prices.

Ravi Sam, chairman of SIMA, urged the Central government to reduce the hank yarn obligation for textile mills.

Later, Mr. Sakkarapani submitted a memorandum to Mr. Goyal.

Chief Minister M.K. Stalin has appealed to the Prime Minister to start paddy procurement from September 1. The Central government has released ₹ 2,104.60 crore food subsidy to the State and the subsidy arrears for previous years should be released soon, he said.

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Printable version | Aug 9, 2022 4:08:45 am |