India-UK FTA: Integrated Supply Chain Will Boost India's Textile Sector Growth, Says Raymond Group CFO

India’s integrated supply chain will significantly aid the growth of the textile sector, said Amit Agarwal, Chief Financial Officer of Raymond Group, while commenting on the India-UK Free Trade Agreement.

"The textile industry creates huge employment, and contributes to foreign exchange earnings, making it a key pillar of economic development," Agarwal told NDTV Profit.

Calling the India-UK FTA the start of a new chapter, Agarwal added, "We are very happy with this pact. We believe this is just the beginning of the journey, and we will see many more such deals in the future."

Agarwal noted that the FTA will help Indian exporters compete on a more equal footing with countries like Bangladesh, Vietnam, and Indonesia, which already enjoy zero-duty benefits. "Textile sector margins are thin. Earlier, high duties made it difficult to export, and we could only focus on high-value products. This deal changes that equation," he said.

He pointed out that Raymond stands to benefit from the agreement due to its integrated supply chain and advantage in lead times. "We also have the advantage of lead times, which is crucial in a competitive market," he noted.

Reflecting on India’s recent trade agreements, Agarwal said, "If you see what we have achieved with the UK, it’s similar to what we have done with Australia and a few other countries."

"A major FTA like the one with the UK opens the door for negotiations with the EU, which will further strengthen our export capabilities," he further shared.

Agarwal highlighted confidence in the company’s UK growth prospect. "Raymond has a great opportunity with the UK market, thanks to our integrated supply chain. Over the next 18–24 months, we expect our export revenue from the UK to grow significantly. We should comfortably see our UK business doubling."