Goyal to helm exports revival with added Textile portfolio

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SME Times News Bureau | 08 Jul, 2021
Piyush Goyal, who has been among the few ministers in Narendra Modi government holding charge of more than two ministries, has again been reloaded with an additional responsibility in Wednesday's Cabinet reshuffle.

The Commerce and Industry, and Food, Consumers Affairs and Civil Supplies Minister has now been entrusted with charge of the Textile ministry.

While he has lost out on the all important charge of the Railways Ministry, the Textile portfolio is expected to complement his existing functions in the Commerce Ministry where the prime aim is to push the country's exports and build trade relations with countries across the globe.

The handling of the Textiles portfolio by Goyal gains significance as along with the Commerce Ministry, this combination may support boosting India's textile exports at a time when the government envisions to make India self-sufficient and a global manufacturing hub.

The textile industry, which has largely witnessed declining in export orders for conventional products, has seen a silver lining in the past one year as it has forayed in manufacturing and export of PPE kits.

A boost to then textile sector through measures that support the industry gain competitiveness in the global markets would also hold the key to increase the country's overall exports.

India has recorded highest ever ever merchandise exports of $95 billion in April-June quarter of current fiscal year (FY22).

This is 85 per cent higher than exports of Q1 of 2020-21 and 18 per cent higher than the exports of Q1 of 2019-20. It is also 16 per cent more than the previous highest Q1 exports of 2018-19 ($ 82 billion) and is higher than the earlier peak of exports in Q4 of 2020-21 ($90 billion).

Based on improved performance, the government has now set exports target of $400 billion for FY22. To achieve this, Goyal would have see that sectoral momentum is maintained.