$48.5 billion targeted export of textile and clothing by India
Indian textile industry is rapidly growing and it’s aiming to give raise of 21 percent in outbound shipments from the real level of 2015-2016.
Indian government has adjusted export target of $48.5 billion for textile and clothing for present financial year, it is said by minister of textile Santosh Kumar Gangwar.
According to the senior textile ministry official, country’s whole garments and textile export remained horizontal at US 40 billion in the last year.
Export is still short from the targeted value $45-47 billion for 2015-2016.
It is explained that with demand from country China remaining dull and recovery in the developed markets like the US and EU still flimsy, the new project of shipment is hard to attain specially in this present financial year and in the presence of creaky competent countries like Pakistan, Bangladesh and Vietnam etc.
It is submitted by official sources the textile ministry has resolved the matter and made a quick resolution of India –EU free of cost trade agreement, it will result in the form of free of cost and excessive export of Indian garments and textile items to EU, which will cover more than third of the country’s garment exports.
More than 6,500 crores have been spent by ministry on Indian textile and garment sector for its better progress and future and almost 5 lakh additional employments have been created in the last two years in the Indian textile sector, this is all submitted by Gangwar.