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India: Textile export target up 11% at $15 billion |
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2004-7-22
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A modest export target of $15.16 billion has been set for textiles for the current fiscal, pegged at 11 per cent than the $13.5 billion target set last year.
The target was finalised at a meeting called by the Textiles Minister Shankarsinh Vaghela on Monday last. Senior government officials informed that the ministry had finalised the target after consultations with the industry.
High growth areas that were identified were ready-made garments, cotton textiles and man-made textiles, while handicrafts, which registered negative growth last year, was expected to improve its performance.
Silk exports, which stood at $550 mn in 2003-04, were expected to touch $625 mn this year. Ready-made garments target has been fixed at $6 bn for the current fiscal as against $5.3 bn last year.
Cotton textiles export is to reach $4.2 bn as against $3.4 bn in 2003-04 while the in case of man-made textiles the target is expected to be $ 2.2 bn compared to $1.75 bn last year.
However, exporters were facing reduced margins on account of several factors such as the appreciation of the rupee vis-a-vis the US dollar and the high transaction costs for Indian exporters were reducing profit margins for textile exporters. It was proposed that the government continue incentives such as the Duty-entitlement Passbook Scheme (DEPB) as earlier.
In addition, preferential tariff agreement of the European Union and Canada with some developing countries and the duty-free access given by the United States under NAFTA were stumbling blocks in raising the market share of Indian textile exports to these countries. |
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