TIRUPPUR: Union Minister of Commerce and Industry, Textiles, Consumer Affairs, Food and Public Distribution Piyush Goyal said Tiruppur recorded 22.87% compounded annual growth, and such growth can be seen nowhere in the world.
Participating in the exporter's meet-cum-felicitation ceremony in Tiruppur, the minister said, “The knitwear industry has achieved tremendous growth for the past several years. In 1985, exports from Tiruppur clocked Rs 15 crore. In 2022, the district’s exports touched Rs 30,000 crore. The knitwear industry has grown by 2,000 times in 37 years. This records a consistent and compound annual growth rate of 22.87%. Such a growth rate is good and, nowhere in the world, can this be seen.”
He added, “Currently, the Indian economy is around $3.2 trillion. If India’s economic growth is 8% every year, in nine years it could touch $6.5 trillion. In the next nine years, it could reach $13 trillion. In another nine years, it could be around $26 trillion. If we add three more years — that is, in 30 years — India could become $30 trillion economies.”
“Some pessimistic person says it isn’t possible. If Tiruppur’s knitwear industry saw 22.87% growth in 37 years, why it isn’t possible for the entire country,” he asked. Goyal further said, “Union Minister for Chemicals & Fertilizers and Health & Family Welfare Dr Mansukh Mandaviya will meet with South India Textile Research Association’s (SISTRA) director on Monday regarding making affordable napkins for women.”