New Delhi:Textiles minister Dayanidhi Maran said on Wednesday that India’s silk export is likely to touch Rs7,000 crore by 2012.
“I am sure they (Indian Silk Export Promotion Council) will be able to touch it (Rs 7,000 crore figure),” Maran said after inaugurating an exhibition by the Indian Silk Export Promotion Council.
The country’s silk export, including items like garments, natural silk yarn, fabrics, scarves and carpets, was Rs2,905.33 crore during April-February 2008-09. The export stood at Rs 3,500 crore in 2007-08.
The US is the major export market of silk items, contributing about 22% in India’s earnings from the product, followed by the UK, the UAE, Italy and Germany.
The textiles ministry is expecting that the exhibition would generate a business of about Rs 300 crore and medium-term sales of Rs1,000 crore.
Maran inaugurated the India International Garment Fair (IIGF), in which 200 apparel manufacturers and exporters from all over the country are participating.
Over 3,000 visitors and buyers from 70 countries, including Japan and Argentina, are expected to visit the three-day IIGF.
“What gives me satisfaction is that 20 buyers from Japan as well as some buyers from Argentina and Uruguay have come for the first time,” Maran said.
To diversify the textiles exports and reduce dependence on the European Union (EU) and US, which accounts for bulk of textiles shipments, new markets like Latin America, Africa and Oceania regions are being explored by the Indian exporters.
The Minister would be leading an industry delegation to Japan aimed at increasing India’s textiles exports to the country next week. About 30 Indian exporters would be participating in the Japan International Fashion Fair.
India’s $55-billion textile sector employs about 35 million people.
The country’s textile exports declined by 10% to $20 billion in 2008-09 over the previous fiscal due to demand recession in the major global markets, including in the US and EU.