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India’s textile exports likely to touch $50 billion in current fiscal

24 Jun 2014 Evaluate

Union Textiles Minister Santosh Kumar Gangwar has stated that Indian textile export is likely to touch $50 billion mark in the current fiscal. Minister added that textiles have tremendous potential and the government will provide full support to improve the industry exports. India’s textile exports recorded at around $40 billion in the FY14.

S K Gangwar further asserted that textile ministry is keen to set up 25-30 textile parks and a couple of mega clusters for the development of industry.  By adding further, he said that ministry would take steps for reform in the present labour law to benefit the large number of unorganised labour in the textile industry.

Textile industry contributes around 4 percent to the gross domestic product (GDP), around 10 percent to the country’s export earnings and nearly 14 percent to industrial production besides providing direct employment to over 45 million people. Exports have been remained a core feature of India’s textile industry. India’s global market share in trade increased to 5.2 percent in 2013 from 3 percent in 2002.

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