The government has revised upwards the garment exports target to $18 billion (about Rs 99,000 crore) from $17 billion (about Rs 93,500 crore) for 2012—13 fiscal following recent announcements in annual supplement of the Foreign Trade Policy (FTP).
“The target of $17 billion for garment exports for 2012—13 was revised to $18 billion following the announcements in the annual supplement of FTP,” Minister of State for Textiles Panabaaka Lakshmi said in a reply to the Rajya Sabha.
For the apparel sector, the market—linked focus product scheme was extended till the end of the current fiscal for exports to the US and the European Union. Also, the sops included interest subvention on pre—shipment credit.
The US and Europe together account for over 65 per cent of the country’s total textiles exports.
During 2011—12, apparel exports grew about 18 per cent year—on—year to $13.6 billion.
For the entire textiles sector, the government has fixed a target of $40 billion for the current fiscal. In 2011—12, the country’s textiles exports stood at $32.31 billion.
Replying to another question, the Minister said the government has recommended continuation of the Technology Upgradation Fund Scheme (TUFS) with an allocation of Rs 15,886 crore for the entire 12th Plan (2012—17).