India's FTAs with UK, US, EU to open new opportunities for Textiles sector: Margherita
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Free trade agreements (FTAs) with the US, UK and European Union (EU) will open new opportunities for the textiles sector in India, Minister of State for Textiles Pabitra Margherita said on Tuesday.He also said the country's textiles exports have crossed USD 34 billion, and it is aiming to reach USD 100 billion by 2030."On the trade front, the India-UK Free Trade Agreement and our ongoing negotiations with the EU and US will open new avenues for growth."These are high-value, quality-conscious markets, and we are committed to equipping Indian exporters with the right strategy, standards, and compliance to seize these opportunities," he said.Inaugurating the 73rd Edition of India International Garment Fair (IIGF) here at Yashobhoomi, Margherita said the textile and apparel industry contributes 2.3 per cent to India's GDP, 13 per cent to industrial production, and 12 per cent to exports."In 2023-24 alone, we exported textile products worth USD 34.4 billion, with apparel accounting for 42 per cent of that. We now aim to cross USD 100 billion in textile exports by 2030, and every MSME, every entrepreneur, and every exporter has a role in achieving this," Apparel Export Promotion Council (AEPC) quotes the minister as saying in a statement.AEPC is organising this three-day fair where more than 360 exhibitors from across the country and buyers from 80 countries are participating.Margherita also said it is Asia's largest garment fair, showcasing not only fabrics and fashion, but also creativity and craftsmanship.This year, buyers are coming from various countries and regions, including North America, Latin America, Europe, Asia, Oceania, Africa, and Eurasia.With over 80 per cent of India's textile sector being MSME-driven, it is important to focus on boosting productivity, ensuring steady raw material supply, and reducing import dependence to stay competitive, the minister said.Speaking on the occasion, AEPC Chairman Sudhir Sekhri said IIGF will provide a platform for the Indian apparel exporters to capitalise on 'Made in India' brands."With the right policy push, innovation, and global partnerships, this could be the decade where India emerges not just as a volume player, but a value-added global garment exports powerhouse," he said.India's garment exports are poised to touch USD 40 billion by 2030.The 12.8 per cent cumulative growth of the first two months of 2025-26 in apparel exports is a testament to this progress."This is despite the global headwinds such as war in the Middle East, war between Russia and Ukraine, global logistical challenge, tariff uncertainty by the US and slowdown in many global markets," Sekhri said.
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Indian Express
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As part of its 'internationalisation strategy', IndiGo plans to induct extra-long-range narrow-body Airbus A321 XLR aircraft starting this year and wide-body Airbus A350 planes from 2027 to operate medium- and long-range international flights. With the A350s, IndiGo should be in a position to launch non-stop services between India and North America. But Elbers—a former KLM CEO whose nearly three years at IndiGo have been focused on internationalisation—does not want to wait for its own long-range aircraft to fuel its international expansion. He and the airline are in a hurry to emerge as trailblazers on a number of long-haul routes. Therefore, IndiGo decided to enter the long-haul market using damp-leased planes. IndiGo's agreements with Norse Atlantic are for six Boeing 787-9 wide-body aircraft, one of which has been inducted and is operating the thrice weekly Mumbai-Manchester and Mumbai-Amsterdam services. 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India Today
17 minutes ago
- India Today
Chartered accountant arrested in Rs 750 crore Chinese loan app scam case
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