Textile export growth heartening, says Textile Minister S Vaghela

10 Oct '05

2 min read

Explaining that textile exports during April-August period compared to last year has grown by 20 percent, Union Textiles Minister Shankar Singh Vaghela on Monday termed it as "heartening."

He was speaking at the inaugural of INTEX Trade Fair in Mumbai, today.

He informed that textiles and clothing constitute the single largest group of commodities in the country's export basket.

It contributes around 21 per cent of total exports from India.

Another reason for textile industry to cheer was its performance in the US market which registered increase of 27 percent while that in the European market showed 13 percent growth, he added.

Vaghela said his ministry wants India to turn in to a competitive manufacturer of all types of textile products.

This, he said would be possible as his ministry was proactive and adopted policies to attract investments in this sector.

In the coming 18 months, Government has proposed to set up 25 textile parks, and Vaghela extended open invitation to manufacturers to `seriously consider' setting up manufacturing units in these integrated parks.

He lauded the industry's efforts in the post-quota era and said that the government was supplementing its effort by launching various schemes.

He later informed that the budgetary allocation of Technology Mission on Cotton (TMC), has been raised from Rs 40 crores in 2004-2005 to to Rs 80 crore in the current fiscal.

Also, funds for Technology Upgradation Fund Scheme has been hiked from Rs 284 crore in 2004-2005 to Rs 435 crore for this financial year.

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