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Textile exports display positive trends - Ministry

28
Oct '09
Reacting to news that exports from the textile sector have tumbled by 11 percent in the first quarter (July-September), despite the announcement of the textile policy, a spokesperson from the Textile Ministry clarified that, in recent days, exports from the sector have started showing positive signs.

He said that, during the first three months of current financial year, exports from the textile and apparel industry have amounted to a monthly average of US $823 million compared to a monthly average of $770 million, registered during the first six months of 2009.

Besides the tremendous increase recorded by raw cotton and yarns exports, value added segments like knitwear and hosiery, in particular have also displayed this rising trend and the positive trends are expected to strengthen further, since order levels are gradually increasing with each passing month.

However, the spokesperson accepted the fact that exports had dipped by 11 percent in the first quarter, but said that it would not be proper to make comparisons, since the actual impact of the economic meltdown, became visible October 2008 onwards and said that, the textiles policy has contributed significantly in spurring the current momentum.

He added by saying that, the increase in orders of textiles machinery also indicate the positive sentiments prevailing in the sector. The key initiatives adopted under the policy have already been put in place. These include mark support of 2.5 percent in export refinancing, 5 percent support in all long term loans of the industry and drawback of local taxes and levies, etc.

Fibre2fashion News Desk - India


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