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Textile exports may reach $25bn in 2007-08, ASSOCHAM
02 Apr '07
3 min read
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has projected about US$ 5 billion increase in India's total textile exports to touch US$ 25 billion in fiscal 2007-08, the exports of which could be around US$ 20 billion by end of current fiscal. India's textile exports were estimated at US$ 17 billion in fiscal 2005-06.
In a Paper on Future Textiles Exports, brought out by ASSOCHAM, it has also been forecast that the domestic textile sector would attract Rs. 1 lakh crore investment under Technology Upgradation Fund Scheme (TUFS) which aims at transforming the entire textile industry by extending fiscal assistance.
Under the scheme, loans worth Rs.14000 crore have already been disbursed and in future the scheme will further pick up to attend to the needs of domestic textile sector, said ASSOCHAM President, Mr. Venugopal N. Dhoot while releasing the Paper.
The basis for US$ 25 billion worth of export projections for textile products can be attributed to the emerging trends which reveal that ever since MFA was phased out in January 2005, the economies of scale particularly in USA, EU and other American countries have not been able to produce export products to satisfy their end-users in their respective markets.
As a result, their consumers have been preferring textile products sourced from India and other Asian countries in view of their quality and price competitiveness, the larger beneficiary for which in the recent past has been China.
In a Paper on Future Textiles Exports, brought out by ASSOCHAM, it has also been forecast that the domestic textile sector would attract Rs. 1 lakh crore investment under Technology Upgradation Fund Scheme (TUFS) which aims at transforming the entire textile industry by extending fiscal assistance.
Under the scheme, loans worth Rs.14000 crore have already been disbursed and in future the scheme will further pick up to attend to the needs of domestic textile sector, said ASSOCHAM President, Mr. Venugopal N. Dhoot while releasing the Paper.
The basis for US$ 25 billion worth of export projections for textile products can be attributed to the emerging trends which reveal that ever since MFA was phased out in January 2005, the economies of scale particularly in USA, EU and other American countries have not been able to produce export products to satisfy their end-users in their respective markets.
As a result, their consumers have been preferring textile products sourced from India and other Asian countries in view of their quality and price competitiveness, the larger beneficiary for which in the recent past has been China.
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