West Bengal likely to get textile cluster as part of India-US trade talks

Washington : Apna Punjab Media : In light of recent trade conversations between US President Joe Biden and Prime Minister Narendra Modi, West Bengal is reportedly expected to receive a textile cluster. India intends to establish 75 such clusters nationwide in order to increase exports. The signing of a Memorandum of Understanding (MoU) between the Ministry of Micro, Small, and Medium Enterprises and the Small Business Administration was welcomed by the leaders during the recent Modi-Biden meeting.
The goal of the agreement is to improve the participation of small and medium-sized enterprises from the United States and India in the global marketplace by fostering cooperation through capacity-building workshops in areas like trade and export finance, technology and digital trade The intention to establish these textile clusters in order to increase exports coincides, according to sources, with India’s plans to expand commerce with the United States. According to experts, this is a tactic to address China’s trade deficit with India.
In this context, India seems to have made the decision to look elsewhere. Bengal is probably among the top five states that will contribute to the Union government’s efforts to establish textile clusters across the nation. For this reason, a number of production units must be established. The nodal agency would be the Ministry of Commerce and Industry. According to sources, the goal is to increase the value of India’s textile market from Rs. 10 lakh crore to Rs. 20 lakh crore over the course of the next five years. A strong supply chain and distribution will be established with the aid of the textile clusters.