The Textiles ministry has raised concerns over slowing growth in Indian economy, rising input costs and slowdown in manufacturing and employment generation which together are hurting the textile sector.
“Need of the time is to accelerate manufacturing which in turn will spur growth and exports. Apparel exports industry is primarily a small and medium enterprises sector contributing to 40 per cent of our exports, 17 per cent to our gross domestic product and employs around 60 million people,” Textuile minister K S Rao said at an event here.
He, however, said It was heartening to know that garment exports had been sustainably growing at the rate of 15 per cent since the last nine months. Apparel exports have grown at the rate of over 15 per cent during April-December, 2013. The data for the month of December 2013 shows apparel exports was to the tune of $12.44 billion registering an increase of 17.4 per cent against the corresponding month of last financial year.
Enthused by the export figures, Rao said that the government was targeting textile export of $60 billion in 2014-15.
"Next year, the textiles exports target will be $60 billion, having seen the potential and concentrating on skill development in the country, focus on textile sector by the government and also the necessity of the advanced nations to depend entirely on Asia, especially China and India," Rao told reporters.
“It is not a difficult proposition to increase textile exports to $60 billion by March 2015,” he said. The government has set textiles exports target of $43 billion for the current fiscal.
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