City textile, woollen industry hails India-UK free trade agreement
City-based exporters of textile and woollen industry have welcomed the signing of the India-UK Free Trade Agreement (FTA) as they feel it would prove to be a landmark step in stepping up the export of high-quality shawls, tweeds, blazers and blankets.
The Union Cabinet has already approved the agreement and it is likely to come into force from August 1 subject to the approval of the UK Parliament.
Piara Lal Seth, president of the Shawl Club of India, said at present, annually Punjab exports shawls worth nearly Rs 500 crore to the United Kingdom. He hoped that the agreement would also open the channels for the UK-based manufacturers to collaborate with Indian companies, which would improve quality of products.
The over Rs 300-crore indigenous woollen industry, manufacturing tweeds, blazers and blankets, is looking forward to a promising future with the signing of the bilateral agreement. There are nearly 50 units manufacturing these winter apparels by employing thousands of artisans.
He said the UK High Commissioner in India is likely to visit Amritsar on July 31 to attend an entrepreneur meet. They will raise the matter of assistance in exporting import from the holy city.
According to Sudarshan Kumar Wadhwa, one of the oldest manufacturers in the city, demand for export would increase following the implementation of this agreement.
About 60 lakh metre tweed is manufactured in a year in the city, meeting the demands of people living in the Kashmir valley for Phiran, a loose upper garment, worn by residents during the harsh winter months in the Valley, besides coats, purses, bags, beach bags and other articles.
Blazer makes it a part of dress in educational institutions, investiture ceremonies of sports persons and reputed organisations. Printed textile is also exported to the UK from the city.
Wool and Woollens Export Promotion Council (WWEPC) Chairman RC Khanna, in a release issued here on Sunday, stated that the free trade agreement will serve as a boost for the Indian woollen industry. He said the initiative that offers zero-duty access (to the UK market) for Indian woollen products like worsted yarn, fabrics, winter wear and premium pashmina will be a boon for Indian manufacturers.
The agreement will benefit MSMEs and traditional clusters in Ludhiana, Amritsar, Panipat and Kashmir by enhancing export competitiveness, attracting investment and generating employment. It aligns with India’s push for sustainable, high-quality exports under Atmanirbhar Bharat and Make in India for the world.
Analysts expect Indian textile exports to the UK to double in the next five to six years. A jump from USD 1.5 billion to USD 5.0 billion is predicted once the tariff reductions kick off. The export of readymade garments and textile products is expected to grow strongly.
Amritsar