New Delhi, Feb 16 (IANS): Prime Minister Narendra Modi on Sunday fixed a target of Rs 9 lakh crore for the country’s annual textiles and apparel exports by 2030 which represents a three-fold jump from Rs 3 lakh crore at present as he highlighted the huge job creation that was taking place in the sector which employs “crores of workers."

Addressing the Bharat Tex 2025 expo here, the Prime Minister exhorted the textiles industry to accelerate the annual rate of growth of exports in the sector from the current 7 per cent to 17 per cent to achieve the target.

He said the banking sector would be asked to give loans to the labour-intensive textiles sector on a priority basis as his interaction with exhibitors at Bharat Tex revealed that there was a huge demand for Indian products in the world market but they were not able to expand their production at the required pace.

PM Modi said this demand for Indian products was also evident from the fact that over 6,000 buyers from as many as 126 countries had come to participate in Bharat Tex 2025 which has now become the textiles industry’s largest fair,

He highlighted the success of the Bharat Tex expo which was providing Indian entrepreneurs to turn from local to global with the opportunity of interacting with buyers from over 120 countries.

He also highlighted that the Centre’s long-term vision to ensure the growth of the textiles sector was reflected in the new incentives that had been rolled out in the Budget for 2025-26. The sector which creates the largest number of jobs in the country has a key role to play in Viksit Bharat, PM Modi said.

Since over 80 per cent of the firms in the textiles and apparel sector were MSMEs they would benefit from the provision of more credit that was being made available with the easing of rules for availing more credit. The MSME sector was also eligible for various benefits for skilling its labour force which would also be available to the textile sector.

PM Modi also underscored the Mission for Cotton Productivity announced as part of the Budget proposals that would ensure a reliable supply of cotton and strengthen the value chain of the textiles sector to compete in global markets.

PM Modi also exhorted the textile industry to collaborate with IITs so that they can avail of the best technology to propel growth and use AI to foresee trends in the fashion and textiles sectors.

“Earlier we wore what the world told us to wear but now we will tell the world what to wear,” PM Modi remarked.

He further stated that apart from the emphasis on technology and hi-tech products, the government was also focusing on promoting India’s handloom products as they represent the culture of the country and have a huge potential in foreign markets. In the last 10 years over 2,400 events have been held to market handloom products and online efforts have been stepped up to provide them with an e-commerce platform for marketing. Besides, GI tagging had also helped to boost sales of these products, he added.

PM Modi also highlighted the need for recycling and upcycling of waste in the textiles sector to protect the environment and fight climate change.

He said that according to one estimate, fashion was leading to 140 million tonnes of waste in the world as less than 25 per cent of it was being recycled. India must take the lead in this for which there was a potential of $400 million in the country, he added.

The Prime Minister took a round of various stalls at the Bharat Tex expo and interacted with the participants to get an overview of the exhibition. Over 5,000 exhibitors are showcasing their products at the show which is being attended by 6,000 international buyers.

Bharat Tex is the textile industry's largest and most comprehensive event comprising a mega expo spread across two venues and showcasing the entire textile ecosystem. Japan, UAE, Iran, USA, Spain, and the UK, are among the countries participating in the Bharat Tex 2025, a global event being held from February 14-17 at Bharat Mandapam here.

Over 25 leading global textile bodies and associations from across the world, including the International Textile Manufacturers Federation (ITMF), International Cotton Advisory Committee (ICAC), EURATEX, Textile Exchange, and US Fashion Industry Association (USFIA), among others, are taking part in the event.