India to get Bangladesh-like textile tariff cut: Piyush Goyal

India is set to receive a significant boost in its textile sector as it secures concessional duty access for garments crafted from American yarn and cotton. This development comes under a new trade agreement with the United States, as announced by Commerce and Industry Minister Piyush Goyal. The move is expected to mirror the benefits previously extended to Bangladesh, offering Indian textile manufacturers a competitive edge in the global market. The agreement aims to strengthen economic ties between India and the US by facilitating easier access for Indian garments in American markets. By utilizing American raw materials, Indian textile producers can take advantage of reduced tariffs, potentially enhancing their export volumes. This initiative is anticipated to not only bolster India's textile industry but also create a ripple effect, benefiting ancillary sectors such as agriculture and logistics. Industry experts believe this tariff concession could lead to increased investments in India's textile infrastructure, as manufacturers gear up to meet the anticipated rise in demand. The Indian government views this development as a strategic win, aligning with its broader goal of enhancing the country's export capabilities. As India capitalizes on this opportunity, it positions itself as a formidable player in the global textile arena, promising robust economic growth and employment opportunities.

— Authored by Next24 Live