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'Indian garment exports on track to achieve $17bn target'
20
Feb '14
Despite the global slowdown, the performance of India’s garment export industry is good and it is expected to achieve the target of US$ 17 billion set for the current financial year 2013-14, Panabaaka Lakshmi, Minister of State in the Ministry of Textile, has said.
 
India’s apparel exports stood at $11.026 billion in 2010-11, which increased to $13.083 billion in 2011-12, but declined marginally to $12.397 billion in 2012-13, the Minister informed the Rajya Sabha, the upper house of the Indian Parliament.
 
Ms. Lakshmi said there is a regular review on the performance of clothing exports, and the Government is taking various steps in consultation with the readymade garment industry to expand exports of clothing products.
 
Enlisting the recent steps taken by the Government to boost the export of textile and clothing, she said the Market Linked Focus Product Scheme (MLFPS) has been extended till March 31, 2014, for export to the US and the EU in respect of items falling in Chapter 61 and Chapter 62 (textiles and clothing).
 
Hong Kong, Indonesia, South Korea, Pakistan and Philippines have been added in the list of countries for export of Woven Cotton Fabrics under the MLFPS. Likewise, 27 EU countries have been added in the list for export of Gloves, Mittens and Mitts of Cotton filled with cotton fibre under the MLFPS.
 
The north Indian town of Gurgaon has been added as Towns of Export Excellence (TEE) for Textiles.
 
Further, about 15 new products related to the textile sector were added under Focus Product Scheme (FPS) in April 2013.
 
Incremental Export Incentive Scheme has been extended for 2013-14 vis-a-vis 2012-13 for specified sectors, including the textile sector.
 
The two percent Interest Subvention Scheme for Ready-Made Garments has also been extended for 2013-14 and enhanced to 3 percent. Items of Chapter 63 also added in Interest Subvention Scheme.
 
In view of the existing Government schemes, India’s apparel export sector is likely to perform well both in the remaining months of the ongoing financial year, as well as in the next financial year, the Minister said, according to an official statement.
 

Fibre2fashion News Desk - India


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