Textile market: India targets 40 countries to boost apparel exports; FTAs and talks underway

India is wanting to develop its textile exports to 40 countries after US imposed 50% tariff on Indian imports, Union minister Giriraj Singh stated on Tuesday.The minister stated that these 40 countries signify almost $600 billion in textile and apparel imports, providing huge alternatives for India to improve its market share. He additionally added that efforts are underway to leverage India’s free commerce agreements with 15 nations as key avenues for enhancing textile exports. “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 stated, as quoted by PTI. Acknowledging the present challenges, he admitted that the sector is in a “transit phase,” having beforehand settled right into a consolation zone. However, he assured that there might be no job losses in textiles, India’s second-largest employer 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% of the $800 billion with our exports at $36 billion,” Singh famous. The steep 50% tariff, in impact since 27 August, is predicted to have an effect on exports value over $48 billion. Key sectors impacted embrace textiles and clothes, gems and jewelry, shrimp, leather-based and footwear, animal merchandise, chemical substances, and electrical and mechanical equipment. In 2024-25, the general textile and apparel sector is estimated at $179 billion, comprising a home market of $142 billion and exports of $37 billion, PTI reported. Globally, the textiles and apparel import market was valued at $800.77 billion in 2024. India, accounting for a 4.1% share of world commerce, ranks because the sixth-largest exporter and has established its footprint throughout 220 countries.