Home / Knowledge / News / Textiles / Indian govt upwardly revises textiles export target
Indian govt upwardly revises textiles export target
23
Jun '12
The Government of India has revised its textiles export target for the current fiscal 2012-13 to US$ 40.5 billion, from the earlier set target of US$ 38 billion.
 
The textiles and apparel sector in India is upbeat over exports after announcement of sops in the Annual Supplement of Foreign Trade Policy (FTP) and hence, the Government has revised the textiles export target upwards for the current fiscal, Textiles Secretary Kiran Dhingra said.
 
Despite the ongoing slowdown in India’s traditional markets like the US and Europe, textile segments such as garments, carpets and handicrafts are expected to perform well this year, she added.
 
In order to boost exports, the Government has extended the interest subsidy scheme for one more year till the end of the current financial year. This will benefit carpet, handloom, handicrafts and SME sectors. In addition, the Government has also included the apparel sector in the scheme.
 
For clothing exports to the EU and US, the Government has extended the market-linked focus product scheme till March 31, 2013.
 
The Export Promotion Capital Goods (EPCG) Scheme for technology upgradation has also been extended till the end of the current fiscal. The scheme allows capital goods import at zero percent customs duty with an obligation to export goods worth at least six times of duty saved in six years.
 
During the first two months of the current fiscal, India’s carpet and handicrafts exports rose at 10 percent year-on-year, while garment exports growth remained flat.
 
The Textiles Secretary said the exports trend during April-May period was slow compared to the corresponding period of the previous fiscal, but the textiles industry expects the export growth to be much better in the remaining months due to new markets, depreciation of Indian currency, and the recent announcements in the FTP.
 
To reduce their dependence on traditional markets like the EU and the US, Indian textile and garment exporters are exploring new markets such as Russia, Japan and some Latin American and African countries.
 
Last fiscal, India’s textiles exports, including apparel exports, grossed US$ 34 billion, much higher than the US$ 26 billion worth of exports registered in 2010-11.
 

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search