Budget 2023: The textile sector in India is one of the oldest sectors in the economy. This includes everything from hand-woven clothes to mills.
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The textile sector in India is one of the oldest sectors in the economy. This includes everything from hand-woven clothes to mills. The biggest strength of this industry lies in its excellent production capacity. According to IBEF data, India is the second largest textile exporter in the world. In the financial year 2022, the country had exported a total of 44.4 US dollars in the sector. More and more Indian startups are also venturing into this sector. The expectation of further growth in this sector is also clearly visible.
Finance Minister Nirmala Sitharaman on 1 February Budget are going to present. In such a situation, the textile sector also has some expectations from the upcoming budget. Let’s get to know them.
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Will have to focus on exports
According to experts, India is emerging as a major part of the global textile industry. In such a situation, the industry is also focusing on increasing the export of textiles. In this regard, the industry has high expectations from the upcoming budget. The industry hopes that such steps will be taken in the budget, so that India can compete better with other countries in this sector in the global markets.
Experts also say that by adding technology to the textile sector, tech companies will be able to help increase productivity in the sector and improve utilization. He said that this is especially important because there are limited technologies available at present. And this concept is new.
It will be important to connect technology
According to experts, this will open a way for our country to become self-sufficient. And we will not depend on imports in the textile sector. We can start focusing on exports, so that we become the backbone of the textile sector.
According to those who know the sector, where adding technology is very important for this sector. At the same time, attention will also have to be given to the development of infrastructure, especially for the unorganized sector, which is also important for India’s natural fiber ecosystem. The sector believes that if farmers, manufacturers and weavers can use a single facility center, then the export industry will be of great help. With this, foreign buyers will be able to transact with our businesses in a better and more convenient way.