Undoubtedly textile export target of $25b achievable: Vaghela

New Delhi, Aug 30 (UNI) Despite sharp appreciation of rupee against dollar, Indian textile sector is undoubtedly set to achieve its export target of 25 billion dollars set for the current financial year.

''I am confident that there is no doubt in India achieving its export target of 25 billion dollar set for the current financial year'', said Union Textiles Minister Shankersinh Vaghela while briefing mediapersons on the eve of the Tex-Summit 2007 here today.

The Minister informed that the abolition of the restricted trade regime in January 2005 has sharply altered the global trade scenario in textiles. It has boosted export earnings, with the textile industry contributing 14.83 per cent to India's total export earnings.

Textile and clothing exports registered a robust growth of 6.91 per cent in 2006-07, reaching a level of about 19 billion dollars and the figure is expected to touch 55 billion dollars by 2012.

Overall textile trade by 2012 will touch 110 billion dollars as the increasingly buoyant retailers across the world are looking towards India to source their requirements, he added.

Mr Vaghela mentioned that today's India faces vigorous and stiff competition from low cost suppliers like China, Bangladesh, Vietnam, Sri Lanka, Pakistan, Indonesia. China's share of the global textile exports is 20.2 per cent, India's albeit higher than its nearest competitors is still languishing at 3.9 per cent.

The Minister pointed out that for the first time a Tex-Summit is being held tomorrow, to be inaugurated by Union Commerce Minister Kamal Nath, to discuss some of the major issues confronting the textile industry for achieving the target.

The Summit will be concluded by Prime Minister Dr Manmohan Singh on September 1, 2007.

He said his Ministry has taken a number of initiatives to help this industry and exporters to be competitive in the international market which include Technology Mission on Cotton (TMC), Technology Upgradation Fund Scheme (TUFS) and Scheme for Integrated Textile Parks (SITP).

Within the ambit of various scheme fall the core sectors and institutions which include organised cotton/man-made fibre textile mill industry, mmf/filament yarn industry, decentralised powerloom sector, woollen, silk, handloom, handicraft and jute industry, NIFT, CCI, CCIC, NTC and handicrafts and handlooms export corporation.

Mr Vaghela said that Indian textile sector is able to meet the export target of 55 billion dollars and the employment generation target of 12 million by 2012.

The Minister said that with the convergence of the best minds, the Tex Summit 2007 will present an opportunity to collectively look forward, focus on challenges ahead, work on an effective road map, and facilitate major policy initiatives.

UNI