: COVID19 offers opportunities for Indian Textiles industry to grab Chinese share in developed world market: Secretary, Textiles Ministry #FinanceIndia #StockMarketNEWS COVID-19 offers opportunities

@StockMarketNEWS Mon 21 Sep, 2020

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COVID19 offers opportunities for Indian Textiles industry to grab Chinese share in developed world market: Secretary, Textiles Ministry #FinanceIndia #StockMarketNEWS
COVID-19 offers opportunities for Indian Textiles industry to grab Chinese share in developed world market: Secretary, Textiles Ministry New Delhi, Sept 17 (KNN) COVID-19 has affected the global market conditions but has also opened up new vistas for the Indian textile industry to gain market share of China in the developed world, especially the EU and the US said, Ravi Capoor, Secretary, Ministry of Textiles, Govt of India.

Addressing the inaugural session of the three-day GLOBIZ - Global Textile & Home Furnishing Expo, organized by FICCI, Capoor on Wednesday said that this is the most promising time for the textile industry in India due to strong consumption in the domestic market as well as the growing demand for exports.

"Various countries are looking at Indian markets and its the time to gear up supply chains, quality and deliver at the promised schedules, which will enable India to become a market leader," he added.

Capoor also urged the industry to work towards tapping the unexplored global markets.

"We are concentrated on a few markets only. We should expand in the markets where India was never present and virtual Shows like GLOBIZ help to do that. This is the time for the textile industry to increase its market share and take advantage of the international markets," he added.

He further said that all stakeholders including FICCI should plan a huge outreach program in new areas like the LAC, Japan etc.

"There are challenges in the apparel industry, but the home furnishing sector has the potential to almost double its exports within two years," he noted.

Elaborating on the governments plan to promote the sector, Capoor shared that the Textile Ministry is planning a Textile India Fair which will be the largest virtual fair globally, with over 30,000 buyers expected from different countries.