In view of the rising demand from western markets, the Government has fixed a target of achieving US$ 14 billion in garment exports in the current 2011-12 fiscal, Textiles Secretary Rita Menon has said.
Speaking at the three day India International Garment Fair organized by the Apparel Export Promotion Council (AEPC), she said that owing to high demand from both the usual as well as the newer markets, the Government looks forward to attaining the US$ 14 billion mark in apparel exports.
During the last fiscal, India exported apparels worth US$ 11.1 billion, which was 4.2 percent higher than previous fiscal's exports worth US$ 10.7 billion.
The Government is giving great importance to measures initiated to boost apparel exports, she said. Besides, several new schemes like knitwear technology mission and aid for common compliance code would be introduced during the current fiscal, she stated.
During the initial two months of the current fiscal, a year-on-year rise of 30 percent has been noted in garment shipments, which grew to US$ 2.3 billion, Menon said. Further, she said that the Technology Upgradation Fund Scheme (TUFS) would be a major driving force for exports growth this year.
The Government has reinstated the TUFS in April this year by raising the allocation under the 11th Five Year Plan from Rs. 80 billion to Rs. 154.32 billion. The scheme provides for Government subsidy of five percent on payments of interest against loans sanctioned under it.
Fibre2fashion News Desk - India
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