Home / Knowledge / News / Textiles / MOIT struggles to keep trade deficit in check
MOIT struggles to keep trade deficit in check
Jul '08
Ministry of Industry and Trade (MOIT) is presently taking all efforts to limit trade deficit from expanding beyond US $1 billion for each of the remaining months of this year and at the same time ensure that imports do not cross the target of $80.2 billion set by the government. In spite of this, trade gap is on its way to reach the mark of $20 billion for the whole year making up 30 percent of the export value.

The Deputy Minister of Industry and Trade believes that taking up certain measures to stabilize market, balance the supply and demand chain of goods and improvement in quality will help curb accelerating imports.

Additionally, the ministry has also decided to tighten the inspection on the quality of imported goods and use various technical barriers to restrict trade deficit from widening further. For instance, it is working out a roadmap to implement compulsory energy saving labels on household commodities from January 2010

Export value on the other hand, is expected to cross $61 billion, increasing by 26 percent compared to the previous year. This will include $6 billion from crude oil, $5.3 billion from textile and garments and $1.6 billion from wood products.

Even here, the ministry is working out measures to boost export. Starting from this month till the end of this year, it will set up an inter-sector of customs, banking and finance to help enterprises cope with the difficulties in production and exports.

Fibre2fashion News Desk - Vietnam

Must ReadView All

(L-R) Mr Shao Bojin, Chairman of Jihua Group and Mr Rohit Aggarwal, President of Huntsman Textile

Textiles | On 28th Oct 2016

Huntsman gets into strategic partnership with Jihua Group

Huntsman Textile Effects, the leading provider of high quality dyes...

Marzoli FT6D roving frames in Sintex’s Unit 2. Coutresy: Marzoli

Textiles | On 28th Oct 2016

Marzoli roving frames erected at Sintex textile division

A total of 48 Marzoli roving frames were erected in units I, II and...

Courtesy: Polartec

Textiles | On 28th Oct 2016

Polartec innovates most breathable waterproof fabric

Polartec, the premium provider of innovative textile solutions, has...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

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

Victor Chao

‘In future, clothing boundary lines will become increasingly blurred.’

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Eric Scholler

The Indian market has huge potential in technical textiles, and by far,...

Yash P. Kotak
Bombay Hemp Company

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

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search