Key Points
Commerce and industry minister Piyush Goyal Friday cautioned the textile industry against falling for predatory practices where low cost substandard goods start substituting domestic availability of material..
For small greed, they started importing and the entire API (active pharmaceutical ingredient) industry in India was killed, Goyal said, adding that finally when they needed APIs, they were let down by their foreign suppliers and the entire pharma industry was put to risk...
Dont fall for predatory practices, practices where low cost substandard goods start substituting domestic availability of material, kill our upstream or downstream (industy), he said.. Insisting that every element of the industy is important, he said that Bharat is not about closing Indias doors to the world...
Goyal said that Indias textile exports can grow to $100 billion and the economic value of the output of the industry to $250 billion by 2030 and apparels can grow from $16 billion to $40 billion in this period...
The exponential growth from $16 billion to $40 billion in the next seven years is clearly achievable, he said, adding that instead of percentage incremental growth, industry needs to consider dramatic improvements and growth as its target...
