Piyush Goyal to lead export recovery with additional textile portfolio
New Delhi, July 7 (SocialNews.XYZ) Piyush Goyal, who was one of the few ministers in Narendra Modi’s government to hold more than two ministries, was once again given additional responsibility during Wednesday’s cabinet reshuffle.
The Minister of Trade and Industry, Food, Consumer Affairs and Civilian Supply is now in charge of the Ministry of Textile.
Although it has lost the most important responsibility of the Ministry of Railways, the textile portfolio is expected to complement its existing functions at the Ministry of Commerce, where the main objective is to boost the country’s exports and build relationships trading with countries around the world.
Goyal’s management of Textiles portfolio is growing in importance as, together with the Ministry of Commerce, this combination can help boost India’s textile exports at a time when the government plans to make India self-sufficient and a plaque global hub of manufacturing.
The textile industry, which has largely seen a drop in export orders for conventional products, has seen a silver lining in the past year as it has embarked on the manufacture and export of kits for clothing. ‘EAR.
A boost to the textile sector through measures that support the industry to gain competitiveness in world markets would also be key to increasing the country’s overall exports.
India recorded the highest level of merchandise exports on record, with $ 95 billion in the April-June quarter of the current fiscal year (FY22).
This is 85% more than exports in the first quarter of 2020-2021 and 18% more than exports in the first quarter of 2019-20. It’s also 16% more than the highest exports in the first quarter of 2018-19 ($ 82 billion) and above the peak of exports in the fourth quarter of 2020-21 ($ 90 billion).
On the basis of the improved performance, the government has now set an export target of $ 400 billion for fiscal year 22. To achieve this, Goyal would have ensured that sector dynamics were maintained.