MUMBAI: The government sees promising aspects of achieving the textile export target of $40.5 billion for the current financial year (2012-13) regardless the slowdown in demand from major western markets such as the US and Europe.
After inaugurating 55th National Garment Fair here, Textiles Secretary Kiran Dhingra, said, “We are hopeful of achieving the textile export target of $ 40.5 billion in current fiscal as compared to $ 33 billion in FY 12.”
The Textile Ministry is concerned over the demand drop in major western markets like the US and Europe, but new markets like Latin America, Africa and Middle East have good potential.
“After sops were announced in the Foreign Trade Policy (FTP), exporters have responded positively and based on it we have revised this year's textiles exports target upwards from $ 38 billion to $ 40.5 billion,” she added.
The segments like apparel, handicrafts and carpets are optimistic about exports performance this year.
During April-May this fiscal, the country's handicrafts and carpets shipments increased at an average rate of over 10 per cent year-on-year. However, apparel exports growth remained flat during this period.
However, the textile exports trend in the initial two months have dropped by 10 per cent as compared to the last year, then also the industry is on high spirits on the recent announcements made in the FTP, rupee depreciation and new markets.
During the last financial year, India's textiles exports touched $ 33 billion compared to $ 26 billion in the previous year.