Indian textiles export target fixed at $45bn for 2014-15
July 26, 2014 - India
The Ministry of Textiles has fixed an export target of USD 45 billion for textile products for the year 2014-15, in consultation with the Industry. The target has not been revised.
Exports of textile products are supported through different schemes under Foreign Trade Policy e.g. Focus Market Scheme, Market Linked Focus Product Scheme, Focus Product Scheme and Duty Drawback Scheme.
Exporters of textile products can also avail duty free import of capital Goods under EPCG and raw material under Advance Authorisation Scheme. Benefit of interest subvention at the rate of 2%, available for certain products of textile, was enhanced to 3% with effect from 1.8.2013 under Interest Subvention Scheme.
To encourage exports of readymade garments it has been announced in Union Budget 2014-15 to increase the duty free entitlement for import of trimmings, embellishments and other specified items from 3% to 5% of the value of exports.
The information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Lok Sabha.