Indian textile exports fall short by 3.6bn of target set 45bn for FY15

India’s textile exports stood at 41.4 billion, shortfall of 3.6bn from the target set of 45 billion for 2014-15. There was a small increase in the overseas sales of handicrafts (17 percent), carpets (15 percent), readymade garments (12 percent), silk (13 percent), and wool and woolen textiles (18 percent), said an official statement.

For the current fiscal, Textiles Ministry has set an exports target of USD 47.5 billion, Textiles Secretary S K Panda said while addressing a press conference.

The Textile Ministry has approached the Commerce Ministry to include garments in the interest subvention scheme to help it compete with Vietnam, Sri Lanka and Bangladesh.

The new National Textiles Policy being finalized by the government aims raising exports to USD 300 billion by 2024-25.

Besides, Panda said that new National Textiles Policy, which aims to achieve USD 300 billion exports by 2024-25 and envisages creation of additional 35 million jobs, may be announced in mid-July, after the Cabinet approval.

Panda also said the Ministry has sought Rs 13,000 crore for the Technology Upgradation Fund (TUF) scheme for the 12th Five Year Plan (2012-17) but only Rs 7,000 crore has been assigned. They are hoping to get the remaining Rs 6,000 crore out of the Rs 13,000 crore demanded in the next 2 years.

Besides, Textiles Minister Santosh Gangwar expressed concern on the condition of handloom weavers in the country. He also pointed out that during the past one year; the government has approved 20 textiles parks under the scheme for integrated textiles parks (SITP), which are likely to create 75,000 jobs.

Keeping in view the various changes in the textile industry on the domestic and international fronts and the need for a roadmap for the textile and apparel industry, Ministry of Textiles had initiated the process of reviewing the National Textile Policy, 2000.

The draft of Vision, Strategy & Action Plan for Indian Textiles & Apparels (2024) was earlier put up on the website of Textiles Ministry for inviting online comments/suggestions.

Gangwar also informed that India has become the largest cotton producing country in the world.