“The answer to job creation in India lies in the textiles and garments industry. It has the potential to add millions of manufacturing jobs,” Kant said in a post on microblogging platform X.
While 70 per cent of the textiles and garments market worldwide is based on MMF and the rest comprising cotton, India’s ratio is the reverse, which limits competitiveness, he pointed out.
“There is lack of competitiveness at the raw material stage, especially in the MMF market. The raw materials, polyester and viscose, are subjected to high import duties,” Kant noted.
“The raw materials for MMF are about 25 per cent more expensive as compared to our competitors. This cost disadvantage then gets compounded as we move down the value chain,” he noted.
“Making raw materials competitive is about unleashing millions of small enterprises, fuelling their growth, creating vast jobs and turning India into a global textile powerhouse,” he added.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
