The recent trade agreement between the Indian and Australian government is expected to provide employment to around 40,000 more persons in the textile sector. The revenue to the country is also expected to grow by as much as three times.
P. Gopalakrishnan, chairman of Handloom Export Promotion Council, said India would benefit from the preferential market access in Australia for its 100% tariff lines. India currently earns $392 million through export of textiles and apparels.. It is expected to reach $1,100 million in the next three years.
“At present the export value is 10 million USD and this is expected to increase manifold. We expect a multifold increase in textile export to Australia especially handloom and luxury high quality products,” he said.
The Indian government has permitted 3 lakh bales of duty-free cotton to be imported in to the country. “This would help high-quality, high-style cotton products with export opportunities in Australia,” he explained.
