Will Tiruppur exporters see a rise in investments and jobs after the India-US trade pact?
Synopsis
Key Takeaways
Tiruppur, Feb 4 (NationPress) The textile sector in Tamil Nadu's Tiruppur is on the brink of remarkable expansion, thanks to the newly established trade agreement between India and the US, as highlighted by the Tiruppur Exporters Association (TEA).
In a positive response to the India–US trade pact, TEA General Secretary Thiru Kumaran stated that this agreement is set to significantly benefit the Indian textile industry, with Tiruppur positioned as a primary beneficiary.
He noted that the agreement has bolstered international confidence in Indian textile exports, paving the way for fresh opportunities for both manufacturers and exporters.
Furthermore, he mentioned the anticipated implementation of the European Union–India Free Trade Agreement (FTA) later this year, which is expected to provide an extra boost to the textile sector.
"With both agreements in place, the entire textile landscape—especially in Tiruppur—is anticipated to experience significant growth in the upcoming months. We are optimistic about doubling our revenue within the next year," Kumaran remarked.
Currently, India's textile exports are estimated at nearly $16 billion, with Tiruppur contributing around $5.2 billion, according to expert analyses.
The association foresees both figures potentially doubling in the next three years, which is likely to create substantial investment prospects and enhance employment across the sector.
Thiru Kumaran expressed gratitude to Prime Minister Narendra Modi, Union Minister of Commerce and Industry Piyush Goyal, and Union Minister of Textiles Giriraj Singh for their roles in facilitating the India–US trade agreement and advancing the India–EU FTA.
He also extended thanks to Union Finance Minister Nirmala Sitharaman for what he termed a growth-oriented Union Budget.
Commenting on the Union Budget, he stated that the incentives introduced would stimulate new investments in the textile sector and boost export-led growth.
Additionally, he emphasized that growth within the textile industry would be advantageous for job creation.