Textile Exports May Fall Short of Target

Despite reversal of the downtrend, textile exports may fall short of the 2002-03 target of $15 billion by $2 billion. While exports which had witnessed a decline of 1.9 per cent during the first quarter (April-June), it recorded a resounding growth of 18.6 per cent in the second quarter (July-september), according to an official release on Thursday.

Addressing a meeting of chief executive officers of export promotion councils, Textile Minister Kashiram Rana said the sector registered a higher growth of 20.1 per cent in the month of November.

Commenting on the comprehensive textile package announced in the Budget, Rana said the proposals would bring down the cost of textiles across the board and propel the demand and enthuse the manufacturing activities and thus prepare the industry for global competition.

The minister also reviewed performance of each council and asked them to make extra efforts for realisation of the export targets fixed for the year.

He said significant measures had been taken to boost flow of investments in the garment and weaving sectors like reduction in customs duty on shuttleless looms and other important textile machinery items, reduction in cost of machinery through fiscal duty measures, accelerated depreciation of machines and dereservation of woven garments from SSI would attract investments into it.