Huge opportunities are there in the textiles segment and the country would achieve USD 100 billion export target from the sector by 2030, Union minister Piyush Goyal said here on Wednesday.
He said that free trade agreements will further help boost textile exports.
"The textiles sector is full of opportunities and we are confident of achieving USD 100 billion exports target by 2030," Goyal, who holds the portfolios of commerce, industry and textiles, told reporters here.
The country's textile exports were at a record of USD 44.4 billion in 2021-22.
Goyal said that in the textiles sector, a margin of 4 per cent or 5 per cent is important to become competitive and in the free trade agreement "we are insisting on duty-free access for the industry".
The agreements will give a big boost to the sector, he said.
He added that the UK has a 9 per cent duty on different items and if that goes away it will give a boost the industry, he said.
India is negotiating an FTA with the UK. India has implemented similar pacts with the UAE and Australia.
On Mega Integrated Textile Region and Apparel (PM MITRA) parks, he said that 18 proposals have been received from different states.
"We are at an advance stage of evaluating these proposals and we hope to finalise it in near future," he said.
Last year, the Union Cabinet approved the setting up of seven Mega Integrated Textile Region and Apparel parks with a total outlay of Rs 4,445 crore for five years to position India strongly on the global textiles map.