Tiruppur, Feb 4 The textile industry in Tamil Nadu's Tiruppur is poised for significant growth following the trade agreement between the India and the US, according to the Tiruppur Exporters Association (TEA).
Welcoming the India–US trade agreement, TEA General Secretary Thiru Kumaran said the pact would greatly benefit the Indian textile sector, with Tiruppur emerging as one of the key gainers.
He also added that the agreement has reinforced global confidence in Indian textile exports and opened up new opportunities for manufacturers and exporters.
He said that the proposed European Union–India Free Trade Agreement (FTA), expected to be implemented later this year, would provide an additional boost to the sector.
"With both agreements in place, the entire textile industry -- and Tiruppur in particular -- is expected to witness tremendous growth in the coming months. We are confident of doubling our revenue in the next year," Kumaran added.
At present, India's textile exports are valued at nearly $16 billion, while exports from Tiruppur alone stand at around $5.2 billion, say experts sharing the data.
The association expects both figures to double within the next three years, which is likely to generate substantial investment opportunities and create more employment across the sector.
Thiru Kumaran expressed gratitude to Prime Minister Narendra Modi, Union Minister of Commerce and Industry Piyush Goyal, and Union Minister of Textiles Giriraj Singh for "facilitating the India–US trade agreement and advancing the India–EU FTA".
He also expressed gratitude to Union Finance Minister Nirmala Sitharaman for what he called presenting a growth-oriented Union Budget.
Reacting on the Union Budget, he said that the incentives announced would encourage fresh investments in the textile sector and accelerate export-led growth.
He added that the growth in the textile sector would also be beneficial in terms of employment generation.
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