The textile sector creates one lakh direct jobs in garments and home textile for $1 billion turnover.
Texprocil has announced that the Indian textile industry has the potential to export an additional $4-5 billion if the government eases tariff burden and raise overall concession under the Focus Product Scheme to 7 per cent, as per a PTI report.
India has a global exports share of just 3.5 per cent that leaves huge scope for increasing it as China, which enjoys 35 per cent share, is slowly reducing its exports.
"The country's textile exports stood at $40 billion last year. If the government eases the tariff burden we can easily add another $4-5 billion," Manikam Ramaswami, Chairman, Texprocil told PTI.
Ramaswami further said until that the government should use the Focus Product Scheme as stated in the policy and increase the concession to 7 per cent to the entire textile sector from the current 2 per cent.
Under the scheme, those sectors which have given maximum employment, gets most net foreign exchange and ships to countries at long distances, can get the 7 per cent and the textile sector allies with all 3 parameters, he added.
The textile sector creates one lakh direct jobs in garments and home textile for $1 billion turnover, he said.
He also said the textile sector has also requested the government to extent the 3 per cent interest rate subvention to the entire textiles sector.
Meanwhile, Minister of State for Textile S K Gangwar, while addressing at the Texprocil Awards function, said the ministry has been continuously interacting with the captains of the industry and cross-section of other experts for identifying the areas, where major policy push is required to stimulate further growth.