Economy

Textile industry to tap new markets for export growth

Our Bureau Mumbai | Updated on March 12, 2018 Published on July 09, 2012

The textile industry is hopeful of meeting the revised enhanced export target by tapping into new markets.Despite demand slowdown, the Government had fixed textile export target at $40.5 billion (about Rs 222,750 crore) for this fiscal against $33 billion (Rs 180,000 crore) achieved last year. The export target includes apparel, handicrafts and carpets.

Inaugurating the National Garment Fair on Monday in Mumbai, Ms Kiran Dhingra, Textiles Secretary, said though the Textile Ministry is concerned over the demand slowdown in major western countries such as the US and Europe, new markets like Latin America, Africa and West Asia have good potential.

“After sops were announced in the FTP, exporters have responded positively and based on it we have revised this year’s textiles exports target upwards from $38 billion to $40.5 billion,” she said.

The government has also announced debt restructuring of Rs 35,000 crore in order to bailout the cash-starved textile mills. A meeting of a Group of Officers will be held on Friday to formulate the debt restructuring proposals on a case-by-case basis, Ms Dhingra said.

About 40 textile parks were commissioned in the 11th Plan, while another 21 parks will come up during the 12th Plan, she said.

Stating that the area under cotton cultivation may fall in 2012-13 due to farmers’ preference for remunerative crops such as soyabean, Mr A.B. Joshi, Textile Commissioner, said the sowing of cotton has been affected due to poor rainfall.

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Published on July 09, 2012
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