India sets textiles export target of $50bn by 2014-15

26 Jun '13

2 min read

The Government of India has set a target of achieving US$ 50 billion in exports of textiles, including garments, during the financial year 2014-15, Minister of Textiles KS Rao has said.

For achieving the total export target of US$ 50 billion, the Ministry is not only planning to further promote Indian textiles in the existing markets like the US and the EU, but is also planning to explore new opportunities in Latin America, Japan and Australia, Mr. Rao said, Economic Times reported quoting PTI.

In fiscal year 2012-13, India exported textiles worth US$ 31.7 billion.

The Minister said he would talk to the Ministry of Finance and the Reserve Bank of India for declaring textiles as a priority sector.

If the textile industry is declared a priority sector, it would be able to get funds quickly when required, and this would further boost the industry, he added.

The Minister also pointed out that the country’s textile sector lacks skilled workers. In this context, Mr. Rao said the Ministry will help the industry to train people who belong to below poverty line category.

Once the industry has adequate number of skilled workers, the input cost of industries would decrease, the Minister explained.

The Minister also noted the problem of electricity shortages, and said the Ministry wants the industries to tap solar energy to solve the problem. He said the textile sector would also get subsidy on purchase of equipment to tap solar power, under the Government of India’s renewable energy scheme.

In India, the textiles sector is the second largest employer after agriculture and about 80 million people depend on the sector, directly or indirectly, for their livelihood.

Fibre2fashion News Desk - India

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