Recently the Minister of Textiles, Mr Shankarsinh Vaghela disclosed that “imports by US and the EU had reduced and since their economies are moving towards recession exports are becoming difficult”.
He added by saying that “US and Europe are the largest importers of Indian textile and apparels, but now we are exploring markets in South American countries like Brazil, Argentina, Japan and UAE in Asia and Russia”.
He further elaborated by saying “Although exports in 2007-08 fell short of targets, it was US $2.3 billion more than the previous fiscal of 2006-07 and that the government has set a target of $55 billion by 2012, which he believes would be difficult to achieve under the present conditions”.
Textile and garment exports stood at $22 billion in 2007-08 against a set target of $25 billion. The government had estimated textile exports of US $31.17 billion for the current year, which the industry is finding difficult to achieve. Experts estimate that the difference between the target desired and achieved for the year 2008-09 can be around 21 percent.
It is a matter of great concern not only for the entrepreneurs but also for the Government as textile sector is among the major foreign currency earners for the country. Traditionally, textiles have been one of the country's biggest exports, but share of textiles have shrunk to 13.22 percent in 2007/08 from 14.76 percent in the previous year from amongst all sector exports.
Fibre2fashion News Desk - India
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