Mumbai: The government may review the target of 50 billion dollar exports by 2010-11 for textiles, in the wake of rupee appreciation and global economic slowdown impacting the sector’s growth, Textiles Minister Shankarsinh Vaghela said today.
“We have set an export target of 50 billion dollars by 2010-2011. We are doing everything possible to achieve it. However, we may review it if the need arises,” Vaghela told reporters here.
Admitting that rupee appreciation and slowdown in the US economy had impacted the country’s textile exports, Vaghela said he was hopeful that export figures would improve.
“Strengthening of the currency is good for the country’s economy but on the flip side it harms exporters. There was a slowdown in exports for some months. However, things are now looking up and exports would be back on track,” Vaghela said.
India’s textile and clothing exports have fared better than China’s in the first two months of 2008, he said adding that while China’s export declined by 2.5% in January and February, India’s exports grew by 8.5%.
India exported textiles worth $20.5 billion in 2007-08, falling short of the targeted $25 billion. He said the export target for the current fiscal is yet to be finalised.
The domestic textile sector is likely to attract investments of Rs 1,50,600 crore over the next five years, generating 1.73 crore jobs, on the back of several policy measures taken by the government.
Vaghela further said 22 National Textile Corporation mills were being modernized at a cost of Rs 530 crore.