With 300 ginners registered under the Kasturi Cotton Initiative as of January 3, 2023, India is looking to promote exports under the initiative to garner a bigger global market share in textile exports.
The initiative aims to promote Indian cotton through branding, traceability and certification; which will now target premium export segments.
Stating that the COVID pandemic and geopolitical challenges led to a dampening in overall exports, Textiles Secretary Rachna Shah said that green shoots are visible with a pick up in demand and the Union Finance Ministry will take a call on extending loan moratorium for the sector under the ECLGS (Emergency Credit Line Guarantee Scheme).
Responding to a question on the opportunities to wrest global market share in textiles from countries like Vietnam and Bangladesh, with the latter slated to lose LDC (Least Developed Country) status soon, the Secretary said that India already ranks among the top 5 apparel exporting countries and more opportunities for exports are opening up via FTAs (Free Trade Agreements). While she assured that import surges in all segments of textiles are being monitored along with strengthening of value chains for raw materials, she pointed out that QCOs (Quality Control Orders) in viscose, polyester and other segments aim to ensure quality and curb sub-standard imports.
With India hosting Bharat Tex 2024 from 26th to 29th February, Shah said that the focus will be on investments and sourcing of raw materials at the conclave which will also feature global players. For skilling of professionals in the sector to scale up production, 1.2 lakh people were trained under the government’s SAMARTH scheme in 2023, which included 1.08 lakh women. NIFT (National Institute of Fashion Technology) is looking at student exchange and skilling programs to expand India’s exports & textiles infrastructure. NIFT is slated to sign an MoU with Australia and is looking to sign MoUs with many other nations to understand global needs & expand India’s exports.