India set to touch $ 50 billion in textile exports for FY15

India is the second largest manufacturer and exporter of textiles and clothing after China is set to witness robust growth in textile exports this year although a slow moving growth was seen last year recording $40 billion against the set target of $ 43 billion, a shortfall of $ 3 billion. But during this financial year, textile exports is set to touch $ 50 billion.

According to Union textiles minister Santosh Kumar Gangwar at the inauguration of 59th National Garment Fair on Monday said that textile exports in the current financial year are expected to grow by 25 per cent to $50 billion.

After inaugurating the 59th National Garment Fair, the minister acknowledged that there is a need for amendment of Indian labour laws, especially in the context of the large pool of unorganised workers in the textile sector. As, it needs to take care of 80 per cent unorganised labour working in textiles and clothing sector.

He also added that the Textile Ministry is making all efforts to connect with neighbouring countries such as Pakistan, Bangladesh, Sri Lanka, Thailand, Cambodia, etc for the overall improvement of business in this sector.

The National Garment Fair has been organized by Clothing Manufacturers Association of India from 23 to 25th June in Mumbai. The CMAI is looking ahead to generating a business of about Rs. 500 crore through this fair.