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Government aiming to achieve textile export target of $60 billion in 2014-15

YarnsandFibers News Bureau 2014-01-21 10:00:00 – New Delhi

The government is setting up exports target at $60 billion for the next financial year (2014-15), a jump of over 30% from the current financial year after having seen the potential and encouraged by the turnaround in the textile exports. Also the concentration on skill development focused on textile sector by the government.

Union Textile Minister K S Rao after the inauguration of Tex-Trend India 2014 at Pragati Maidan, New Delhi said that India was aiming at textile exports of $60 billion as it will seek to encash on the increased demand from the developed nations and its traditional partners in the international market. It is not a difficult proposition to increase textile exports to achieve by March 2015.

For the current fiscal year, government has set a target of $43 billion.

Rao said that only addressing issues related to procedural clearances will result into 8% increase in textile exports. He also ensured that all the procedural hurdles for exports would be cleared during his term.

The minister said that garment exports have been growing at 15% since the last nine months. Apparel exports have grown at over 15% during April-December, 2013.

Tex-Trends India is one of Asia's largest textile shows covering Apparel, Fashion Jewellery and Accessories, Home Furnishing, Cotton textiles and Jute garments etc, to showcase the emerging textiles in India.

Apparel Exports Promotion Council chairman, Virender Uppal said that the idea of holding Tex Trends with the Ministry of Textiles was to showcase and leverage their strengths and complements their efforts to create India's garment and textiles from fibre to fashion. At the same time, he pressed for 5 per cent duty credit scrip for the import of specialty fabrics not available in India on actual user basis and a separate chapter for exports in the banking sector for availability of easy credit to industry, to boost exports. The textile industry employs 80 million people directly and indirectly.

Tex Trends 2014 is an initiative by the Ministry of Textiles, with financial assistance under the Market Access Initiative (MAI) of Ministry of Commerce and Industry.

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