India’s textile and garment exports registered an almost flat growth at $41.4 billion in 2014-15, against $40.8 billion in the previous fiscal, falling short of this year’s target of $45 billion, according to media reports.
The textiles ministry has set an exports target of $47.5 billion for the current fiscal. "Textile exports in 2014-15 stood at $41.4 billion as against a target of $45 billion. For the current fiscal, we have set a target of $47.5 billion," textiles secretary S K Panda told reporters at a press conference in New Delhi.
Panda said the government is finalizing the new ambitious national textiles policy that aims to raise exports to $300 billion by 2024-25 and create 35 million jobs.
He also said the textiles ministry has sought Rs 13,000 crore for the technology upgradation fund (TUF) scheme for the 12th Five Year Plan (2012-17).
Textiles minister Santosh Gangwar who also addressed the media said the government has approved 20 textiles parks under the scheme for integrated textiles parks (SITP) in the past one year. These are likely to create 75,000 jobs.
