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New markets will help India meet textile export target
10
Jul '12
Ms. Kiran Dhingra
Ms. Kiran Dhingra
India’s Ministry of Textiles is optimistic that the country’s textile and garment industry will be able to meet the revised export target for the current fiscal year by tapping into new markets.
 
Banking on the positive response of the textile exporters following announcement of sops in the annual supplement of the Foreign Trade Policy (FTP), the Ministry has hiked the textile export target for the current fiscal, from US$ 38 billion set earlier to US$ 40.5 billion.
 
The upwardly revised target for exports includes various textile segments like clothing, carpets and handicrafts.
 
Inaugurating the National Garment Fair, Textiles Secretary Kiran Dhingra said the Textiles Ministry views the current slump in the US and Europe as an opportunity for Indian exporters to expand their market in new markets like West Asia, Africa and Latin America, which have good potential.
 
During the 11th Five-Year Plan period, about 40 textile parks were commissioned in the country, and another 21 parks would come up during the 12th Plan period, she said.
 
Ms. Dhingra said that the Government has decided to restructure about Rs. 350 billion of loans to assist the cash-starved textile mills in the country.
 
She informed that the debt restructuring proposals would be formulated on a case-by-case basis later this week.
 

Fibre2fashion News Desk - India

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