India has the potential to become the world’s largest textile hub

ATEXCON brings together the leading players of the Asian textile industry, global input suppliers, and service providers to deliberate on key areas of business, including regional as well as global issues concerning this sector.

Hon’ble Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food & Public Distribution, Sh. Piyush Goyal was the Chief Guest at ATEXCON and his stimulating keynote address inspired the Industry. He especially appreciated CITI Chairman, Sh. T Rajkumar and Sima Chairman, Mr. Ravi Sam for putting in a lot of effort in organizing the 11th edition of ATEXCON and bringing together the entire textile value chain on a single stage. He was happy to see leaders of various Export Councils, Trade promotions, and regional associations coming together at one table to discuss the issues and roadmap of the Indian Textile Industry.

India is at the rare bright spot of the economy and despite facing the challenges of, the Russian-Ukraine War, global inflation, and challenges posed by Covid-19, India today is one of the fastest growing economies of the world and it is a matter of pride that despite having the different challenges India is able to keep a low inflation rate during the last decade and come out as the fastest growing economy and became 5th largest economy in terms of size of GDP and first time in 75 years we had relatively low inflation in the last nine years.

He thanked all captains of the industry and appreciated for achieving an increased exports of about 776 bn, during 2022-23 which has increased by about 55% in a span of just two years. He expressed confidence that the Indian economy to become a US$ 35 trillion economy by 2047 when we celebrate 100 years of our independence.

Mr. Goyal highlighted the importance of India for having the highest working-age population in the world. India has about 65% population in the working age group, whereas the same is about 33% for the rest of the world. This will give an added advantage to India in years to come.

Under the able leadership of Hon’ble Prime Minister, ShriNarendraModiJi, a strong foundation for the economy has been laid. Our government has brought political and economic stability in the last nine years. Today India has the world’s fourth largest forex reserves and we are very sure the growth rate of India will grow faster than this current rate in the years to come and we should be far more ambitious in achieving our goals.

The Minister said that FTA’s will bring glory to India’s textile sector and soon world market will be flooded with Indian goods. The minister raised hopes of concluding FTA with the UK which will provide a big boost to the Indian Textile Industry.

Appreciated the efforts of Indian Machine Manufacturers like LMW for developing indigenous technology and textile machines for the Indian Textile Industry and reducing dependency on imports. He opined that we must scale up the indigenous textile technologies and modern machines through R&D and innovation. It is a matter of pride for Tamil Nadu, Coimbatore, and India.

Minister appreciated the Textile Industry for doing commendable work till now and asked them to multifold their efforts and put in more hard work as a lot is yet to be achieved. The Textile Industry has the potential for the same and India has the potential to become the world’s largest textile hub. I am sure the entire textile value chain will weave tradition and innovation, weave together culture and commerce, and will work together to contribute to the all-inclusive growth of the Indian Economy as the world is seeing the true potential of India. We are privileged to serve our motherland. Let us all collectively resolve to work in a spirit of togetherness and work with a spirit of duty as brothers and sisters and as one family to bring glory to India as a developed nation, so that the world acknowledges that 21st century is an Indian century.