The Textile Ministry has raised concern on the macroeconomic risks facing the Indian economy which have increased during the last six months, mainly on the dimensions of sliding domestic growth, rising input cost and slowdown in manufacturing and employment generation.
The Textile Ministry has raised concern on the macroeconomic risks facing the Indian economy which have increased during the last six months, mainly on the dimensions of sliding domestic growth, rising input cost and slowdown in manufacturing and employment generation.
"The need of the time is to accelerate manufacturing which in turn will spur growth and exports. Apparel exports industry is primarily a Small and Medium Enterprises (SME) sector contributing to 40 per cent of our exports," Textile Minister K S Rao said during the 4th edition of Tex-Trends India 2014 at Pragati Maidan, New Delhi.
Rao further added that, "It is indeed heartening to know that garment exports have been sustainably growing at the rate of 15 per cent since the last nine months."
Enthused by the export figures, Rao said that the government was targeting textile export of $60 billion in 2014-15 by focusing on the textile sector and skill development in the country. "It is not a difficult proposition to increase textile exports to $60 billion by March 2015," he said. The government has set textiles exports target of $43 billion for the current fiscal.
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