Textile export to cross $40 billion in 2015-16

Textile exports are likely to cross $40 billion in 2015-16 year, said Union Minister of state for textiles, Santosh Kumar Gangwar said. This would however be lower than the target of $47.5 billion set by the government for textiles and clothing for the year.

Admitting that the industry was not doing well on the export front, he said that the industry should focus on areas such as technical textiles, which have a good potential for growth. Stating that the region is a hub for the textile industry, Gangwar who was here to participate in textile-related events said the potential for technical textiles has largely remained untapped in India.
Since a technical textile is projected to register an annual growth of 20%, entrepreneurs should take efforts to develop their business in the segment. Later addressing members of the Indian Texpreneurs‘ Federation, the Minister said that apparel and textile units being set up by the government in eight states in the North-East are nearing completion. India‘s textile exports will achieve the target of US$ 40 billion during this fiscal.

The government has also launched the Technology Mission on Technical Textiles (TMTT) with a fund outlay of Rs 200 crore.

Fonte: Pakistan Textile Journal