Textiles exports may touch $24 billion in 2010-11.

NEW DELHI: With the revival of demand in Western markets, India's textile exports may grow up to $24 billion in 2010-11 from an estimated $20 billion in the previous fiscal, industry and government officials have said.

"In 2009-10, our textiles exports are estimated at $20 billion due to the global economic crisis. We expect exports to be $24 billion for the current fiscal," an official in the Textile Ministry said.

The textile exports are set to move in sync with the country's overall exports, which have been growing for six months since November, 2009.

Federation of Indian Export Organisations (FIEO) President A Sakthivel said textile exports can reach $24 billion if the government extends a helping hand to the industry, which is facing problems.

There has been a steep rise in cotton prices, which shot up by over 20 per cent in the past six months, resulting in higher fabric costs.

"The target can be met provided the government continues some regulations on cotton and cotton yarn exports," he said.

The government has brought cotton exports under the restricted category, with overseas shipments subject to licensing.

US and European markets, which account for 30-35 per cent of textile exports from India, have seen revival of demand across different sectors, exporters said.

The exporters are also exploring new markets like Africa, Latin America and Oceania.

"Orders are improving. Demand for fabric has also gone up," said Confederation of Indian Textile Industry (CITI) Secretary General D K Nair.

Source : The Economic Times