Need more free trade pacts to compete with Bangladesh, others in textile exports: V-P Radhakrishnan
GS3Economy · S&T · Environment · Security· External sector, trade & FDI· Prelims + Mains·
Why in news
Vice President C.P. Radhakrishnan urged the government to pursue more free trade agreements (FTAs) to enhance India's competitiveness against rivals like Bangladesh and Laos in the global textile market.
Background
India aims to achieve a $350 billion textile market size by 2030 with a target of $100 billion in textile exports. Apparel exports reached $10.08 billion in the first eleven months of the fiscal year 2025-26.
Facts for Prelims
- FactIndia's target textile market size by 2030: $350 billion
- FactIndia's target textile exports by 2030: $100 billion
- FactApparel exports reached $10.08 billion in the first eleven months of FY 2025-26
- BodyApparel Exports Promotion Council (AEPC) is the body overseeing apparel export growth
For Mains
Q. Discuss the role of Free Trade Agreements (FTAs) in enhancing India's manufacturing competitiveness in the global textile and apparel markets.
Dimensions to cover in your answer
- Trade imbalance: Competition from low-cost manufacturing hubs like Bangladesh and Laos
- Market expansion: Scaling domestic production to meet the $350 billion market target
- Export diversification: Leveraging FTAs to penetrate high-value global apparel segments
Keywords: Free Trade Agreements · Export Competitiveness · Manufacturing Sector · Trade Liberalization · Market Penetration
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