India Targets $30 bn In Textile Exports for FY12.

In view of mounting demand for textiles and clothing in the western markets, Textiles Secretary Rita Menon said, the government has set a target of achieving $30 billion in exports during 2011-12.

Global economic slump badly hit textile exports during 2009-10, but then, they recovered and remained slightly above the set target of $25 billion during 2010-11.

The Minister said that, for the current fiscal year, they intend to export textiles and garments worth around US$28-30 billion.

She revealed that the global market situations was not in favour of textile exporters till November, 2010, but they started turning positive in the last quarter of 2010-11, as new export orders started flowing in.

As stated by the experts, though exporters started receiving sizeable orders from the US markets, the European markets are moving bit sluggishly, but still are above the pre-crisis levels.

Registering an annual rise of 4.23 percent, garment exports for 2010-11 grew to $11.1 billion, while cotton yarn exports grew by 42.87 percent to $5.66 percent.

Meanwhile, handicraft and carpet exports too registered a rise of 22 percent and 30 percent, respectively.

Around 50 percent of the textile exports from India are towards the US and Europe.

Source : fibre2fashion.com