Textiles export target of $45 b set for 2014-15

The Textiles Ministry has set an export target of $45 billion for textile products in the current fiscal. “The Ministry of Textiles has fixed an export target of $45 billion for textile products for the year 2014-15, in consultation with the Industry. 

The target has not been revised,” Commerce & Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

Exports of textile products are supported through different schemes under Foreign Trade Policy e.g. Focus Market Scheme, Market Linked Focus Product Scheme, Focus Product Scheme and Duty Drawback Scheme.

Exporters of textile products from the country can also avail duty free import of capital Goods under Export Promotion Capital Goods and raw material under Advance Authorisation Scheme. 

Benefit of interest subvention at the rate of 2 per cent, available for certain products of textile, was enhanced to 3 per cent with effect from August 2013 under Interest Subvention Scheme.