Union Textile Minister may reconsider export targets
Source: fiber2fashion Date: 2008-05-06
Rupee appreciation coupled by slow down of US economy has propelled Textile Ministry to reconsider the export target of US $50 billion by 2010-2011.
Mr Shankarsinh Vaghela, Union Textile Minister, told the media on May 4, “We have set a target of $50 billion exports by 2010-2011. We are doing everything possible to achieve it. However, we may review it, if the need arises to do so."
Mr Vaghela also held, "Strengthening of the currency is good for the country's economy but on the flip side it harms the exporters. There was a slow down in the exports for some months. However, now things are looking up, and exports is back on the tracks,".
The Textile Minister also pointed out that the positive growth achieved in the exports of textile and clothing products in the first two months of 2008 was better than those recorded for China.
China saw a drop of 2.5 percent in the first two months of this year while India’s exports grew by 8.5 percent.
Experts believe that if this trend continues, India is likely to become world’s leading exporter of textile products surpassing China and this will surely be an accomplishment worth prizing.
