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Govt revises export target for textiles sector

Updated: Aug 07, 2013 05:15:10pm
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New Delhi, Aug 7 (KNN)  The Government has raised the annual exports target from USD 36 billion to USD 43 billion in the backdrop of continued rupee depreciation and on request of the export promotion councils.  

“In July 2013, government has raised the annual export target for textiles from USD 36 billion to USD 43 billion following discussions with textiles export promotion councils in the backdrop of rupee depreciation and strong industry performance,” said an official statement today.

Meanwhile, the Indian apparel exports have shown improvement with double digit growth in the last three months.

According to Apparel Export Promotion Council (AEPC), international demand has picked up again, apparel exports may end the current fiscal growing by 24 per cent to reach USD 16 billion in 2013-14.

The move of raising the export target may help fetch more foreign exchange.

Meanwhile, the Ministry of Textiles has suggested an amendment to the Factories Act 1948, which includes extra wages for overtime, asking that the cap of 50 hours a quarter should be removed for the textiles sector.

Moreover for overall development of the sector, exporters have been demanding upgradation in technology, marketing promotion, availability of subsidized yarn, credit etc. (KNN/GUNJ)

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