India To Search New Markets For Textiles Exports.

India will be exploring new markets for textiles exports in East Europe, Latin America, New Zealand and Japan, Textiles Secretary Rita Menon said today.

"We are focussing across destinations like East Europe, Latin America, countries in Middle East, Australia, New Zealand and of course we are engaging in South Asia," she told reporters here on the sidelines of a CII meeting with Czech Republic delegation.

As per the quick estimates of the Commerce Ministry, the textiles exports aggregated to USD 21.02 billion, increasing by 15 per cent in 2010-11.

According to the strategy paper of the Commerce Ministry, the projected textiles exports would be USD 42 billion in 2013-14.

On the issue of raw material shortages, the Textiles Secretary said that the government would not revisit the ceiling of cotton exports of 55 lakh bales for the 2010-11 season. Cotton season runs from September to October.

Menon said, the domestic textiles industry needs raw material security. "The whole question of raw material security is engaging our attention," she said.

As for the next season (2011-12), Menon said, the crop sowing has not been completed yet and it is too early to make any projections.

At the start of the season, the Cotton Advisory Board (CAB), which is a government body, had estimated production to touch 329 lakh bales (170 kg each). However, later in April, it lowered its forecast to 312 lakh bales.

Source : in.news.yahoo.com