India will meet USD40.5 billion textile export target: Ministry | SupportBiz

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India will meet USD40.5 billion textile export target: Ministry

India’s Ministry of Textiles has expressed confidence that the industry will be able to achieve the export target of USD40.5 billion laid out for it in the current fiscal, reports Economic Times. The Ministry believes that tapping into new markets will help the industry meet the target.

This announcement was made by Kiran Dhingra, Textiles Secretary, while inaugurating the 55th National Garment Fair in Mumbai.

The export target for textiles (including clothing, carpets and handicrafts) was recently hiked by the Ministry from USD38 billion to USD40.5 billion, following the favourable response from textile exporters after the announcement of sops in the annual supplement of the Foreign Trade Policy (FTP).

Dhingra stated that the slump in the US and Europe at the moment is an opportunity for Indian textile exporters to explore newer markets like Africa, Latin America and West Asia.

Dhingra also stated that nearly 40 textile parks were commissioned to be built in India during the 11th Five-Year Plan period, and another 21 parks would be created during the 12th Five-Year Plan. In addition, the government would soon be restructuring loans worth INR350 billion to financially aid the textile industry in the country.

Source: Economic Times