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Slowdown in EU, US impact India's textile exports
Dec '12
Mr. Anand Sharma
Mr. Anand Sharma
India’s textile exports for first half of the current fiscal plummeted by 5.9 percent year-on-year to US$ 14.1 billion from exports worth US$ 14.8 billion made during April-September 2011, Textiles Minister Anand Sharma said.
In a written reply to the Lok Sabha, the lower house of the Parliament, the Minister noted that the fall is mainly due to slowdown in key markets like the EU and the US, The Hindu Business Line said quoting PTI.
He said that the Government undertook a review of the industry’s export rules under the Foreign Trade Policy 2012-13 to boost textile exports.
Following the review, the Government extended the two percent interest subsidy for handloom, handicraft, carpets and SMEs till March 31, 2013 and included garments in the list of items that get interest subsidy.
In addition, the scope of the Market Linked Focus Product Scheme has also been expanded to cover exports to the EU and the US, Mr. Sharma said. 
The Government has also raised the allocation towards development of textile industry from Rs. 140 billion during the Eleventh Five Year Plan to Rs. 259.32 billion under the 12th Five Year Plan (2012-17). 
During last fiscal, India exported textiles worth US$ 30.4 billion and for the current fiscal the Government has set a target of US$ 38 billion.

Fibre2fashion News Desk - India

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