By IANS,
Mumbai : Textiles Minister Dayanidhi Maran wants the sector to develop the “Made in India” brand and diversify into markets beyond the US and the European Union.
“The US and EU markets are brand-driven, and through branding we will be able to create a niche market for Indian textiles products and ensure higher value realisation per unit,” Maran told reporters here Friday.
“We will help in seeking opportunities in the new markets, for promotion of ‘Made in India’ brand to withstand competition from our neighbouring countries, and overcome protectionist measures being adopted by developed countries,” he said.
“There is an urgent need to broaden our product mix and explore new markets. However, we should maintain and increase our share in core markets through product innovation and diversification.”
At the same time, he emphasised, there is a need to focus on the domestic market. “The government is trying to boost domestic consumption, which would in turn increase the demand for the textile sector,” he said.
Currently, 60 percent of India’s textiles and over 70 percent of garments exports are to the US and the 27 EU countries.
The minister also said a National Fibre Policy would be put in place this year to get the industry back on the 7-8 percent growth momentum and generate employment for one crore people.
“The policy will put in place a framework, remove various discrepancies and distortions in the textile sector and pave the way for growth of the domestic industry and exports,” Maran said.