Indian Textiles & Garment Exports to Grow 20% - Minister.

Indian textiles and garment exports are likely to touch US$ 32.35 billion in the current fiscal, Anand Sharma, Minister of Textiles has said in Parliament.

In a written reply to the Lok Sabha, the Minister said the country exported textiles and garments worth US$ 26.8 billion last fiscal, and the figure is expected to increase at 20.7 percent year-on-year to US$ 32.35 billion in 2011-12.

By the end of the Eleventh Five-Year Plan (2007-12), the Minister expects the size of India’s domestic textiles sector to grow to US$ 65 billion.

The Minister noted that the percentage of textiles and garments in India’s total exports decreased to 10.63 percent in fiscal 2010-11 from 11.46 percent in the fiscal 2008-09.

As per the latest statistics released by the World Trade Organisation (WTO), India’s textiles and garments exports accounted for 3.91 percent of global exports in 2009, compared to 3.36 percent in 2007, the Minister informed the House.

He said 9 million new spindles have been set up during the 11th Plan Period till now, and the total spindlage in the country has risen to 48 million spindles at the end of fiscal 2010-11.

He revealed that the country’s cotton yarn as well as fabric production has increased during the last three years. The production of cotton yarn grew to 3,510 million kg in 2010-11, up from 2,948 million kg in 2007-08. Similarly, fabric output increased to 61,057 million sq m in 2010-11, up from 55,257 million sq m in 2007-08.

Source : fibre2fashion.com