Governments plans to achieve 48.5 billion US Dollar target for textile sector

New Delhi, July 29 (KNN) Despite the global slowdown in exports, the Government has planned to achieve the target of US Dollar  48.5 billion in current financial year by announcing the special package of Rs 6,000 crores which will boost the employment generation and export of textile and apparel.

It is estimated that China’s present share in global export of textiles and apparel will decrease from 40% to 33% by 2025. This will open an opportunity of more than US$ 150 billion for other exporting nations including India to increase its exports.

The information was given by the Minister of State for Textiles, Ajay Tamta today in a written reply to a Rajya Sabha question.

India exported $36.25 billion worth of textiles and related goods in 2015-16, a 2.4% decline from 2014-15. According to reports, Indian exporters have been edged out of traditional markets like Europe by exporters from Bangladesh and China. (KNN Bureau)