As India navigates through its largest-ever elections, the Confederation of Indian Textile Industry (CITI) is gearing up for a future that extends beyond the next five years, envisioning a thriving textile sector till 2047, the year marking ‘new India’s’ fulfilment of aspirations.

“The textile industry is crafting an action plan not just for the immediate future but for the long haul till 2047. Despite recent challenges, we are committed to fostering innovation, sustainability, and inclusive growth within the sector,” Rakesh Mehra, chairman of CITI, said in a press release.

As India undergoes its largest-ever elections, the Confederation of Indian Textile Industry (CITI) aims for a thriving textile sector by 2047.
Chairman Rakesh Mehra highlighted the need for innovation, sustainability, and collaboration amid recent challenges.
CITI supports export facilitation measures, trade agreements, and key schemes to boost the industry.

While acknowledging the sector’s recent lacklustre performance both domestically and in exports, Mehra emphasised the urgent need for collaborative action. He remarked, “The textile industry has faced challenges on multiple fronts, including geopolitical uncertainties, shifting consumer preferences, and stiff competition from other sectors. However, there is a collective sense of urgency to reverse this trend and propel the industry towards a brighter future.”

CITI recently welcomed facilitation measures aimed at alleviating the burden on exporters, including provisions exempting inputs from mandatory Quality Control Orders (QCOs). Mehra expressed gratitude for these initiatives, stating, “These exemptions will offer much-needed relief to exporters, laying a robust foundation for achieving the target of $100 billion textile and apparel exports by 2030.”

Additionally, CITI highlighted the importance of trade agreements in expanding the industry’s global footprint. Mehra commented, “The recent India-European Free Trade Association (EFTA) Agreement is a significant milestone, offering better market access and fostering growth opportunities. Our partnership with Swiss Textiles further strengthens our resolve to drive bilateral trade and collaboration.”

Looking ahead, CITI emphasised the importance of schemes such as the PM Mega Integrated Textile Region and Apparel Parks (PM MITRA) programme, the Production Linked Incentive (PLI) Scheme, and the Scheme for Capacity Building in the Textile Sector (SAMARTH). Mehra urged the new government to ensure effective implementation of these schemes to catalyse investment and capacity building within the industry.

In conclusion, the chairman reiterated CITI’s commitment to driving transformative change within the Indian textile industry. He stated, “As we anticipate the new government’s policy direction, let us remain steadfast in our commitment to innovation, sustainability, and inclusive growth. Together, we can shape a vibrant future for generations to come.”

Fibre2Fashion News Desk (DP)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts