India To Become $3 Trillion Economy "Very Soon": Piyush Goyal

Domestic textile industry has huge potential to generate jobs in coming years, said Piyush Goyal.

According to an official statement, the Minister for Textiles, Commerce, and Industry claimed that the domestic textile industry has a great deal of potential to create jobs in the upcoming years and that the Centre is actively negotiating a free trade agreement (FTA) with several nations to give India's textile industry duty-free access to the global market.

Union minister Piyush Goyal today said India wants to capture the world market in all sectors and the country would “very soon” become a $30 trillion economy from the level of $3 trillion at present.

Speaking at a gathering in Coimbatore, Goyal emphasised that the Center is supporting both the cotton and man-made textile sectors in order to increase their global market share and, in turn, the number of jobs and investment opportunities.

“In all sectors, we want to become a global industry. We want to capture the world market” he said, adding on that under the guidance of the Prime Minister, the Centre is working actively with different countries to finalise free trade agreement which will give zero duty access to textile sector in world market. It’s because of the good relations of PM with world leaders, India is getting global respect today.”

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Goyal emphasised that the Center is encouraging both the cotton and man-made textile sectors to increase their global market share, which will increase job opportunities and investment. This was said during the opening of SIMA Texfair 2022 in Coimbatore.

According to Goyal, manufacture of textiles, pumps, wet grinders, and other vital components will move to Tamil Nadu, which will help the country's economy expand. In order to attain $440 billion in exports, Mr. Goyal emphasised the several policy steps done by the government and the sector.

He stated that the nation's economy will quickly grow to $30 trillion from its current level of $3 trillion. The administration has been vigorously tackling all structural difficulties, such as tariff barriers, issues with taxation, lack of global competitiveness, etc.

“We have decided to support SITRA (Supply of Improved Tool-Kits to Rural Artisans) so that they can produce more defence related products which will help our jawans at the border. The uniforms are to be manufactured in India instead of importing them. Some clinical trials are required for some products. I have agreed to support this under National Technical Textile Mission. They will soon put in proposal,” Minister added.

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