With India's free trade agreements (FTAs) with the European Union and the US still some distance away, the Textiles Ministry is eyeing bilateral agreements with Australia, the Commonwealth of Independent States and Africa to boost garment exports.
The ministry is chasing a target of doubling textile exports in 10 years and is working on a new textiles policy to promote value-addition.With India's free trade agreements (FTAs) with the European Union and the US still some distance away, the Textiles Ministry is eyeing bilateral#
Textile exports are unlikely to reach their 2015-16 target of $47.5 billion (Rs 3.17 lakh crore) because the figure was $32 billion (Rs 2.14 lakh crore) till December. Last year, India's textile exports were $42 billion (Rs 2.81 lakh crore), which was in large part cotton and yarn.
“We might be a little short of target, but by and large we will achieve it,” Textiles Secretary Rashmi Verma said on the sidelines of the Indian International Handwoven Fair in Chennai.
She also said that since India did not have FTAs with the US and the EU, the sector was at a big disadvantage compared to Bangladesh and Vietnam which export textiles to the West at zero duty while Indian exporters face duties of 10-14 per cent. (SH)
Fibre2Fashion News Desk – India
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