Tirupur, February 5: The Tirupur Exporters Association (TEA) anticipates significant growth in Tamil Nadu’s textile industry following the recent trade agreement between India and the United States.
Welcoming the agreement, TEA Secretary Thiru Kumaran stated that this deal will greatly benefit the Indian textile sector, with Tirupur emerging as one of the primary beneficiaries.
He noted that the agreement has bolstered global confidence in Indian textile exports, opening new opportunities for manufacturers and exporters alike.
Kumaran also mentioned the proposed European Union-India Free Trade Agreement (FTA), expected to be implemented later this year, which will further enhance the sector’s growth.
“With both agreements in place, we expect remarkable growth in the textile industry, particularly in Tirupur, over the coming months. We are confident that our earnings will double next year,” he said.
Experts estimate that India’s textile exports currently stand at approximately $16 billion, with Tirupur alone contributing around $5.2 billion.
The association is optimistic that these figures will double within the next three years, creating substantial investment opportunities and increasing employment across the sector.
Kumaran expressed gratitude to Prime Minister Narendra Modi, Commerce and Industry Minister Piyush Goyal, and Textile Minister Giriraj Singh for facilitating the India-US trade agreement and advancing the India-EU FTA.
He also thanked Finance Minister Nirmala Sitharaman for presenting a development-oriented central budget. In response to the budget, he stated that the announced incentives will promote new investments in the textile sector and accelerate export-driven growth.
He emphasized that growth in the textile sector will also be beneficial in terms of job creation.
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