The exports of textiles and apparel from India are likely to miss the target of US$ 43 billion set for the current financial year by about $1 billion, Textiles Minister K Sambasiva Rao has said, Business Standard reported quoting PTI.
Speaking to reporters at an event in New Delhi, Mr. Rao said India’s textile exports, including garment exports, for the ongoing fiscal year 2013-14 are likely to around $42 billion.
In 2012-13, India’s textile and apparel exports fetched $34 billion and the Government has set an ambitious target of achieving $60 billion in exports in 2014-15.
The textile industry in India directly employs more than 35 million people, and it accounts for 12 percent of the country’s total industrial production. The sector also contributes about 12 percent to the nation’s export earnings.
In order to increase employment in the textile industry, the Indian Government runs various schemes like Integrated Skill Development Scheme (ISDS) and Scheme for Integrated Textile Parks (SITP).
Further, to ensure conducive policy environment and encourage investment, the Government has taken various steps and launched the Technology Upgradation Fund Scheme (TUFS).
To encourage exports including export of processed clothes, the Government provides incentives under the Foreign Trade Policy, namely Interest subvention, Market Access Initiative (MAI), Market Development Assistance (MDA)Schemes and Focus Market & Focus Product Schemes.
To boost textile and garment exports, the Ministry of Textiles has adopted four pronged strategy that includes larger textiles trade shows, skill development initiatives, compliance programmes and duty drawback schemes.
In addition, the Government has made a provision of Rs. 5 billion in the 12th Five Year Plan (2012-17) for introducing a scheme for Integrated Processing Development.
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