India to Boost Textile Exports as Bangladesh Industry Faces Collapse

• Bangladesh's textile industry, a major economic pillar, is facing a potential shutdown from February 1, threatening 4 million jobs.
• This crisis in Bangladesh's textile sector presents a significant opportunity for India to increase its own textile exports.
• India is close to finalizing a Free Trade Agreement (FTA) with the 27-nation European Union (EU), which is expected to boost its apparel exports.
• The EU is the world's largest textile market, and the FTA will provide India with zero-duty market access, overcoming previous tariff disadvantages.
• Bangladesh's textile industry has been hit by cheap yarn imports from India and China, increased gas prices, and reduced production capacity.

Why It Matters: India is set to capitalize on Bangladesh's textile industry crisis by boosting its own exports, especially to the EU.