New Delhi, Feb 25 (KNN) In a statement during the Export Conclave jointly organised by World Trade Centre Mumbai and YES Bank, Textile Commissioner Roop Rashi emphasised the critical role banks should play in supporting India’s textile industry, which currently employs 5.4 crore people and aims to expand its market size from USD 172 billion to USD 350 billion by 2030.
“I am confident we can reach this target before 2030; but the sector needs bank funding for product standardisation, capacity building, international branding and exports,” said Rashi.
Highlighting the capital-intensive nature of the textile value chain, Rashi urged banks to prioritise funding for textile units alongside their focus on large-scale loans and project finance.
“This will truly promote financial inclusion as 70 percent of handloom units are operated by women. Out of 100 handmade textiles in the world, 95 come from India,” she noted.
Dr. Vijay Kalantri, Chairman, WTC Mumbai, addressed the challenges facing MSME exporters in achieving India’s export targets.
“Lack of access to collateral-free credit is a major challenge faced by MSMEs. I am happy to learn that YES Bank offers 25 percent of its credit to MSMEs,” Dr. Kalantri stated.
“Many private banks offer a higher share of their credit to the MSME sector. I hope public sector banks will also increase their share of MSME lending, which is currently very low in their portfolio,” he emphasised.
The Textile Commissioner also called for India to lead in sustainable and circular economy initiatives, given its 16 percent share of the world population.
She advocated for bank funding to support technology adoption, R&D initiatives, product differentiation, and branding efforts in the textile sector.
Rashi highlighted government support for sustainable textile clusters, including backing for more than 47 patents across the textile value chain that now need commercialisation.
She advised textile units to explore export opportunities in South East Asia, Japan, and South Korea, noting Japan’s renewed interest in Indian textile products in recent years.
(KNN Bureau)
