Encouraged by turnaround in the textile exports, the Indian government is setting up a $60 billion target for the next financial year, a jump of over 30% from the current financial year.
«It is not a difficult proposition to increase textile exports to achieve that target by March 2015» – Textile minister K S Rao said, while speaking on the sidelines of Tex-Trends India 2014 -. For the current fiscal year, government has set a target of $43 billion».
Rao said that only addressing issues related to procedural clearances will result into 8% increase in textile exports. «I will get the proposals from the industry and will ensure that all the procedural hurdles for exports are cleared during my term».
The minister said that garment exports have been growing at 15% since the last nine months while apparel exports have grown at over 15% during April-December, 2013.