India eyeing markets of 40 countries for pushing textile exports following 50% tariffs by US, says Giriraj Singh

New Delhi: India is eyeing markets of 40 countries for pushing its textile exports following the imposition of 50 per cent tariffs by the US, which is the biggest market for the country’s apparel shipments, Union Minister of Textiles Giriraj Singh said on

Tuesday.

Together, these 40 countries represent nearly $600 billion in textile and apparel imports, offering vast opportunities for India to enhance its market share, the minister said.

He shared that efforts were also underway for leveraging India’s free trade agreements with 15 countries as key markets for boosting textile exports from India.

“It is true that we were working with the US for several decades. Going ahead, we will work with them if things work out fine (Aage bhi baat banegi toh kaam karenge). But we will also search new markets,” Singh told reporters here after meeting small exporters

from textiles.

He admitted that this was definitely a “transit phase” for the textiles sector as they had gone into a comfort zone.

The textiles minister assured that there will be no job losses in the sector, the second largest employer in India after agriculture.

“India will compete in America and also for the $800 billion market for textile exports globally. We are only able to contribute around 4 per cent of the $800 billion with our exports at $36 billion,” Singh said.

The steep 50 per cent tariff on Indian goods entering the United States, which came into effect on August 27, would impact exports worth more than $48 billion.

The sectors which would bear the brunt of high tariffs include textiles/ clothing, gems and jewellery, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical machinery.