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Textile ministry likely to meet industry players next week over US tariffs
The US is India's largest market for textile and apparel exports, accounting for about 25 per cent of the country's total outbound shipment from the sector.
Discussions in the meeting will also revolve around realising opportunities arising for India's textile sector from the UK-India FTA, which was signed last month, as the government and industry want to leave no stone unturned to achieve the textile export target of USD 100 billion by 2030, and mitigate the potential impact of the US tariff announcement, sources told PTI.
While it would be "premature" to talk about any measures being considered to support domestic textile exporters in light of the US announcement, they said, the government wants to seek the industry's feedback at this juncture and discuss the challenges and opportunities in terms of the UK-India FTA and other markets with untapped potential.
"We are continuously engaging with the industry. The minister has asked for a meeting. We will be talking to different players, the major garment export firms from India. Discussions will also revolve around realising opportunities arising for the textile sector from the UK-India FTA," according to sources.
"The industry has set a target of USD 100 billion by 2030, which it is keen to achieve. So, they are looking at a variety of products and also at different markets. They are looking at strengthening and consolidating the existing markets. The government has also announced the Export Promotion Mission." The US on Friday slapped a 25 per cent tariff on India, potentially impacting about half of the USD 86 billion Indian exports to America, while the other half, including pharmaceuticals, electronics, and petroleum products, continued to be exempted from the levy.
The sectors, which would bear the brunt of 25 per cent duty include textiles/ clothing (10.3 billion), gems and jewellery (12 billion), shrimp (USD 2.24 billion), leather and footwear (USD 1.18 billion), animal products (USD 2 billion), chemicals (2.34 billion), and electrical and mechanical machinery (about USD 9 billion).
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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