Indian govt raises textile export target to $40.5bn (India)

Smt. Panabaaka Lakshmi, Minister of State in the Ministry Of Textiles has informed that government has fixed/raised the target for the export of textiles products in the country during the year.

Exports target for 2012-13 was initially fixed at USD 38.31 billion and since been revised to USD 40.50 billion following the Foreign Trade Policy Supplement of 5th June, 2012.

Government have introduced several provisions in the Foreign Trade Policy 2009-14, further supplemented in June, 2012, for providing incentives to the T&C sector exports.  This includes incentives for exports to focus markets and exports of focus products, interest subvention on pre-shipment credit, duty-free import of trimmings etc. required by the garmenting industry and duty-free import of tools by the handicrafts industry. 

This apart, financial assistance is being provided to the exporters under the Market Development Assistance Scheme and the Market Access Initiative Scheme, for enhancing market share in existing markets and for exploring new markets.

There is no report of job loss in the industry due to recent recession in India.  Revival of the textiles industry and exports is being pursued by the Government through various Plan Schemes viz. Technology Upgradation Fund Scheme, Integrated Skill Development Scheme, Integrated Scheme for Powerloom Sector Development, Knitwear Technology Mission as well as Schemes for Development of Handloom Clusters and Handicraft Clusters.

The various measures in the Foreign Trade Policy 2009-14 and its Supplement of 5th June 2012 isinteded to enhance India’s competitiveness in the global market.  Some of the provisions of the Foreign Trade Policy are as follows:-

The 2% Interest Subvention in packing credit has been announced for Readymade Garment sector in the policy for one year from 1st April 2012 to 31st March 2013.

The Market Linked Focus Product Scheme (MLFPS) has been now extended for exports to USA and EU in respect of readymade garments till 31st March 2013 and inclusion of seven new markets additionally each under Focus Market Scheme (FMS) and Special Focus Market scheme.

Zero Duty EPCG Scheme has been extended up to 31st March 2013.

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