India to finalise FTAs with more countries soon, says Minister

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.