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In response to the steep 50% tariff hike imposed by the United States on Indian goods, Union Textiles Minister Giriraj Singh announced that India is actively targeting 40 alternative global markets to boost textile and apparel exports.
Addressing the media after a meeting with small textile exporters on Tuesday, Singh emphasized that these new target markets collectively account for nearly $600 billion in textile and apparel imports—presenting a significant opportunity for Indian manufacturers to expand their global footprint.
"The US has been a long-standing partner for our textile sector. While we hope for positive developments there, we are simultaneously exploring new markets," Singh stated. He noted that India would continue to engage with the US if trade conditions improve.
The new strategy comes as the Indian textile sector enters what Singh described as a “transit phase,” following years of stability and growth tied closely to US demand. Despite the challenges, he assured stakeholders that the government is taking measures to prevent job losses in the industry, which is India’s second-largest employer after agriculture.
Singh also highlighted the importance of leveraging India’s free trade agreements with 15 countries to drive growth in textile exports.
India currently accounts for just 4% of the global $800 billion textile export market, with total exports estimated at $36–37 billion. "We are not only aiming to stay competitive in the US, but also want to expand our share in the broader global market," Singh said.
The new US tariff regime, which came into effect on August 27, is expected to impact Indian exports worth over $48 billion across multiple sectors. Apart from textiles, affected industries include gems and jewellery, seafood, leather and footwear, animal products, chemicals, and machinery.
In 2024–25, India’s textile and apparel sector is valued at $179 billion, including a robust $142 billion domestic market and around $37 billion in exports. India currently ranks as the world’s sixth-largest exporter of textiles and apparel, with exports reaching 220 countries.
(Source: PTI)
