Textile exports to grow by 25 pc to touch $ 50-bn mark in FY15. Govt may allocate INR 2,500 cr. for TUF this fiscal. Textile exports in the current fiscal are likely to grow by 25 per cent touching the $50-billion mark, the Textiles Minister, Mr Santosh Kumar Gangwar, said.
Talking to newsmen after inaugurating the 59th National Garment Fair, organised by the Clothing Manufacturers Association of India (CMAI) here, the Minister said, “With $40 billion in textile exports, the country has moved up to the second position from the fourth position last year, and we are hopeful of achieving $50 billion this year.”
The Minister also emphasised on reforms in the labour law. He said there was huge opportunity to provide jobs in this sector as it had a tremendous potential.
“We are aware of the need to take care of 80 per cent of unorganised labour working in textiles and clothing sectors,” he said.
Speaking on the occasion, the CMAI President, Mr Rahul Mehta, said, “Exports are seeing a buoyant phase after a long time and this should continue. I am expecting a good period of growth in the next 3 to 5 years.”
The Minister, however, expressed concern over various issues, including difficulty in accessing funds from the Technology Upgradation Fund (TUF) scheme. He said the Ministry was considering allotting Rs 2,500 crore for TUF this fiscal, and make the process to access the fund simpler.
He promised that the government would give special attention to the textile industry as it supports cotton farmers.
Source : Exim News Service – MUMBAI, June 26