India News

India sets $45 billion textiles exports target for FY18
June 09, 2017

The government has set a target of $45 billion exports from the country’s textile and garment sector in 2017-18, lower than the $48 billion set for the last fiscal which was missed by a huge margin. The country’s overall textiles and garments exports during 2015-16 stood at $40 billion, mainly because of less demand in major markets such as the US, EU and China, and stiff competition it faced from countries like Vietnam and Bangladesh, which enjoy an edge over India. Besides, the textiles ministry plans to unveil a package for the knitwear sector, which is grappling with enormous financial stress due to lack of automation leading to much lower productivity than countries like China. “We will announce a big package for the knitwear industry which is facing several challenges in the next one month or so,” Union Textiles Minister Smriti Irani said.

The minister also said that roadshows have been held in six countries including the UK, US, China, Russia, South Korea and UAE to attract the industry and potential investors for the textiles India event, to be inaugurated by Prime Minister Narendra Modi in Gandhinagar on June 30. The minister informed that funds to the tune of over Rs 1,900 crore have been given to the apparel industry under the rebate of state levies to boost exports from the sector. Besides, she said under the Pradhan Mantri Paridhan Rozgar Protsahan Yojana, over 1.4 lakh workers have registered themselves for provident fund.