The Hindu Business Line : Textile exports slip 36% in Q1

New Delhi, July 24 Following a 36 per cent shortfall in textile exports in the first quarter of the current fiscal, the Textile Ministry is pushing for more relief to exporters reeling under the impact of the rising rupee.

Addressing a press conference here to announce a major textile summit next month, the Union Textile Minister, Mr Shankersinh Vaghela, said that the package announced by the Finance Ministry earlier this month would give some cushion to exporters who have been heavily losing orders.

He said that the Ministry would push for augmenting drawback rates further, press for faster refund of terminal excise duty and making the Exchange Earner Foreign Currency (EEFC) account interest-bearing so as to moderate the impact of rupee appreciation on exporters.

The Minister, however, exuded hope that the annual target of $25.1 billion of textile exports would be achieved in the current fiscal, given the proactive role of the Ministry, complemented by the industry’s constant efforts to scale up operations to take advantage of the opportunities in the overseas market. In 2006-07, against the target of $19.73 billion, actual achievement was $19.62 billion.

Mr Vaghela also said that the Technology Upgradation Fund Scheme would undergo some major modifications to accommodate some more segments of the industry and a meeting of the Expenditure Finance Committee would be held on July 31 to discuss the issue. The Textile Ministry was also pitching for a 30 per cent increase in TUFS for the next five years to make the corpus Rs 11,000 crore.

A conference to deliberate the areas of concern and chalk out strategies to boost productivity and exports to realise the potential of the sector would be held on August 31 and September 1.

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