India is a net exporter of textiles to the EU. The EU is a major market for Indian textiles, accounting for 9% of India's total exports to the EU and 20% of India's total textile exports.
The India-EU Free Trade Agreement (FTA) is a major opportunity for the Indian textile industry to grow its exports to the EU. The FTA would eliminate tariffs on textile products, making Indian textiles more competitive in the European market. The FTA would also provide access to the EU's logistical and technical infrastructure, which would help Indian textile companies grow their businesses.
However, there are some challenges that need to be addressed before the India-EU FTA can be fully beneficial to the Indian textile industry. The EU has strict sustainability standards for textiles, which could hurt India's small and medium-sized enterprises (SMEs). The EU also wants to increase market access for its textiles in India, which could hurt India's domestic textile industry.
Despite these challenges, the India-EU FTA has the potential to be a major boost for the Indian textile industry. With the right approach, the FTA can help India become a major player in the global textile market.