The government is exploring new markets of East Europe, Latin America, New Zealand, South Asia and Japan
The Textile Ministry is engaging more and more nations for comprehensive trade agreements to promote exports of all types of textiles and handicrafts and increase India's share in world exports in these sectors. And for the purpose, Textiles Secretary Rita Menon has met a delegation from Czech Republic at a business-to-business (B2B) meeting and seminar organized by CII in the national capital on Monday.
The government is exploring new markets of East Europe, Latin America, New Zealand, South Asia and Japan. The Strategic Plan (2011-16) of the Ministry of Textiles has been prepared with a view to achieving a number of strategic development goals and objectives for the textile sector set by the Ministry of Textiles in consultation with the stakeholders.
The textile and garment industry is estimated to be worth USD 78.0 billion in 2010, comprising exports of USD 22.0 billion and domestic market of USD 56.0 billion.
According to the strategy paper of the Textile Ministry, the projected textiles exports would be USD 42 billion in 2013-14 and would achieve textiles and apparel export growth rate of 15 percent per year.
On the issue of cap on cotton exports, the Textiles Secretary said that the government would not revisit the ceiling of cotton exports of 5.5 million bales for this season.
The limit of cotton export is to fulfill the domestic demands. "The domestic textiles industry needs raw material security. The whole question of raw material security is engaging our attention," Menon added.