Exports are the core area of focus to make India a developed nation by 2047.

Measures have been taken to take forward domestic manufacturing and exports.However for that raw material prices need to be stabilized. Another urgent area is free trade agreements with developed nations. The textile industry is also pitching for PLI-2, extension of ATUFS, advance authorisation on self-declaration basis, and deletion of the condition making the transferee liable and making this applicable to existing scrips under the RoSCTL for garment exports.

There is a continuous increase in the prices of raw cotton. The trend is expected to continue considering the global shortage of cotton. The crop is under stress this year in Pakistan, Brazil and the US. Plus, the ban on China’s Xinjiang cotton has already disrupted supply chains across the globe.

Textiles contribute about two per cent to the country’s GDP. And as an industry, it is the second largest employer in the country — after agriculture.And growing the textile industry could help solve the employment problem plaguing the country to some extent.But India has lost its sheen when it comes to garment exports.

Just a decade ago, India was the second largest garment exporter in the world. Now, India is sixth in the list of garment exporters.