Considering the sharp rise in textile exports during last few months, the government had recently set the export target for textiles for FY11 at $24.4 billion, nine percent above the last fiscal's target.
According to the official statistics, textile and clothing items' exports, including handicrafts, grew by 11.5 percent to $7.57 billion during the initial four months of this fiscal as against $6.79 billion worth of exports during the corresponding period last year.
Further, as revealed by the Minister of Textiles, Dayanidhi Maran, the government has fixed the textile and clothing items' export target for FY11 at $24.48 billion, up from last fiscal's $22.41 billion.
While speaking on the role of handloom and handicraft sectors in the country's economic development, he said that these sectors have great potential to provide productive employment to several craftsmen, and also to bring in valuable foreign currency by way of exports.
Both the sectors jointly employ around 12 million workers, and bring in over Rs 100 billion worth of foreign exchange to the country, each year.
Due to the growing demand from US, handicraft exports, during the initial seven months of current financial year, surged by 24 percent and were recorded at $1.07 billion.
The handloom exports during the initial four months of this fiscal too surged to $116.76 million, registering a year-on-year rise of 63 percent.
Textiles worth $176.5 billion were exported during the last fiscal year, contributing around 13 percent of the country's overall exports.
Fibre2fashion News Desk-India
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