Govt sets textiles exports target at $43 bn for FY'14

The government today said it has raised textiles exports target to $43 billion for the current fiscal from $32 billion in the last year.

     

"In July 2013, the government has raised the annual export target for textiles and clothing from $32 billion (2012-13) to $43 billion (2013-14) following discussions with textiles export promotion councils in the backdrop of rupee depreciation and strong industry performance," Minister of State for Textiles Panabaaka Lakshmi said in a written reply to the Rajya Sabha.

     

The US and Europe account for over 65% of India's total textiles exports.

     

The targets of apparel exports for 2013-14 has been fixed at $17 billion from the 2012-13 actual performance of $12.39 billion, Lakshmi said.

     

Under the 12th Plan, the key objectives for textiles sector are to achieve an annual average growth rate of 11.5% in volume terms and 15% in value of exports by increasing domestic value-addition, technological depth and enhancing competitiveness of textiles products.