Recently, India’s government want to create 75 textile hubs like Tiruppur which will not only support textile product exports and ensure inclusion of sustainable technology, but will also generate huge opportunities for employment.
According to Union minister of textiles Piyush Goyal, Tiruppur produces textile products worth ₹30,000 crore every year, it provides direct employment to 6 lakh people and indirect employment to 4 lakh people, therefore, collectively providing employment to 10 lakh people.
In 1985, Tiruppur exported ₹15 crore worth of textile products. In the year ended March 2022, the estimated exports from Tiruppur were ₹30,000 crore which is about two thousand times growth.
Considering the unprecedented growth of the textile sector in the region, in over 37 years, the compounded annual growth rate at Tiruppur comes to 22.87 per cent.
Goyal said that all over India, roughly 3.5-4 crore people are engaged in the total value chain of textile sector alone. Textiles is the second largest provider of work after agriculture.
Besides that, the industry size is about ₹10 lakh crore. The export is about ₹3.5 lakh crore. He reiterated that the textile sector has the potential to grow to a ₹20 lakh crore industry in the next 5 years with exports of ₹10 lakh crore.
Even then, a modest export target of ₹7.5-8 lakh crore and production target of about ₹20 lakh crore which is doable in next 5 years has been set.
If India grows at 8 percent every year on a Compounded Annual Growth basis, the economy will double in about 9 years’ time to be a $6.5 trillion economy.
Minister Goyal participated in the Exporter’s Meet cum Felicitation Function at Tiruppur. He had an interactive meeting with representatives of Federation of Indian Export Organisations (FIEO) and Apparel Export promotion Council (AEPC).
L Murugan, Union minister of state for I&B in his address highlighted benefits of the newly signed FTAS.
To reduce the logistics cost, revolutionary measures such as PM Gati Shakti, the National Master Plan, would help improve infrastructure planning and will ensure the implementation of projects within time and budget.