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Government admits $48 billion textile exports target hard to achieve

09 Dec 2016 Evaluate

The government has accepted that the $48 billion target for textiles and garment exports for 2016-17, may be hard to achieve due to less demand in major markets like the US, EU and China. During 2015-16, the overall export of textiles and garments from India was $40 billion, which was below the target of $47.5 billion. Union Textiles Minister Smriti Irani conceded that despite various efforts by the government, it will be difficult to achieve the target for the fiscal.

Highlighting the measures taken by the government to attain the export goal, Textiles Minister Smriti Irani said that to promote exports in garments sector, a special package of incentives was announced in June this year which includes relaxation in certain labour laws, income tax concession, 100 percent employer's contribution to EPFO by government, rebate of state levies for exports, etc.

Irani further said that the government implements various export promotion schemes to promote exports of all the segments in the sector on a sustained basis. These include, Interest Equalisation Scheme, Merchandise Exports from India Scheme, Market Access Initiative, Market Development Assistance and Duty Drawback.

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