Indian textile exports declined by 5.9 per cent year-on-year in the September quarter, mainly because of slowdown in major markets like the US and EU. In the first six months of the 2012-13 fiscal, textiles exports stood at $14.18 billion.
However, to boost textile exports, the government has reviewed the export norms of the sector under the Foreign Trade Policy 2012-13. The benefits includes extension of 2 per cent interest subsidy for handicrafts, handlooms, carpets and SMEs till March 31, 2013 and expanding coverage to garment.Also, Market Linked Focus Product Scheme has been extended for the exports to the US and EU.
Apparel exports for the month of October 2012 were to the tune of $ 907 million, reporting a decline of 0.75 percent against the corresponding month of last financial year. US witnessed decline of 2.07 percent in Jan-Sep from the corresponding period of previous year and amounted to $ 59 billion. For the same period, US imports of apparel from India declined by 11 percent and reached $ 2420 million against $ 2727 million in Jan-Sep 2011.
For development of the textiles industry, the government has allocated Rs 25,931 crore in the 12th Five-Year Plan (2012-17), almost double of Rs 14,000 crore in the 11th Plan.
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