Textile Industrys Long-Term Success Hinges on Valuing Domestic Manufacturers: Piyush Goyal

Union Minister Piyush Goyal emphasized the significance of valuing domestic manufacturers within the textile industry to ensure its long-term success. Addressing the annual export award ceremony of the Man-made and Technical Textiles Export Promotion Council in Mumbai, Goyal stressed the need for collaboration among Indian industry stakeholders and support from government policies to strengthen the sector.

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Importance of Supporting Domestic Manufacturers

Goyal cautioned that neglecting or discouraging domestic manufacturers could lead to short-term benefits but significant losses in the long run. He urged the industry to prioritize domestic procurement and value addition within their final products to the highest possible extent. Additionally, he suggested the voluntary development of a system to determine the amount of domestic input in products to enhance transparency.

Cautious Approach to Imports

While acknowledging the need for imports in certain cases due to expertise or availability constraints, Goyal advised caution when dealing with closed economies or heavily subsidized products. He emphasized the importance of safeguarding domestic interests and preventing unfair competition.

Government Support for Technology Development

The minister assured the industry of the government's readiness to invest heavily and support the development of advanced technology in India. This support aims to expand the industry's market footprint and enhance its global competitiveness.

Active Participation in Skill Development

Goyal also called for active participation in the Samarth program, a flagship skill development scheme in the textile sector. He proposed a collaborative approach between the private sector and the government, where industries would train a portion of their workforce and provide certification. The minister welcomed suggestions and ideas from the industry to modify and improve the training program.

Piyush Goyal's address highlighted the crucial role of valuing domestic manufacturers, supporting skill development, and leveraging government initiatives to ensure the long-term success and growth of the Indian textile industry.