Union Finance Minister Nirmala Sitharaman on Monday warned that the coming decade would be challenging for global trade and industry, citing rising protectionism, climate risks, technological disruption and supply-chain volatility as major concerns for exporters and manufacturers.
Speaking on the evolving global trade landscape at the TEXPROCIL Exports Awards Function, Sitharaman said the “decade ahead will not be easy,” as the world economy faces one of its most uncertain periods in decades. She highlighted that several countries are increasingly adopting non-tariff barriers and protectionist measures, making global competition more intense and complex for exporting nations such as India.
The finance minister said climate change, supply-chain disruptions and technology-led labour displacement are reshaping industries worldwide. However, she added that crises also create opportunities and India is well-positioned to benefit from changing consumer preferences and global sourcing patterns.
According to Sitharaman, trends such as authenticity, sustainability and craft-based manufacturing are increasingly favouring India in international markets. She said sustainability is “no longer an option” for exporters, with global retailers embedding sustainability standards directly into their sourcing criteria.
The minister noted that artificial intelligence and automation are rapidly transforming the global textile industry, while technological advancements are steadily reducing labour costs across countries. In such an environment, she said Indian textile exporters must invest aggressively in skills, innovation and design capabilities at scale to remain globally competitive.
Sitharaman also stressed that India's exports need to expand further despite the uncertain environment. She said the Centre is working on creating growth opportunities and enabling industries to adapt to changing global demand patterns.
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