Govt sets export target of $45 bn for textile products

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Staff Reporter | 26 Jul, 2014
The Ministry of Textiles has set an export target of USD 45 billion for textile products for current year, Minister of State (Independent Charge) in the Ministry of Commerce & Industry, Nirmala Sitharaman informed this in a written reply in Lok Sabha on Friday.

"The Ministry of Textiles has fixed an export target of USD 45 billion for textile products for the year 2014-15, in consultation with the Industry. The target has not been revised," she said. The Ministry of Textiles had also set the target of USD 45 billion for textile products in last year.

Exports of textile products are supported through different schemes under Foreign Trade Policy e.g. Focus Market Scheme, Market Linked Focus Product Scheme, Focus Product Scheme and Duty Drawback Scheme.

Exporters of textile products can also avail duty free import of capital Goods under EPCG and raw material under Advance Authorisation Scheme.

Benefit of interest subvention at the rate of 2 percent, available for certain products of textile, was enhanced to 3 percent with effect from 1.8.2013 under Interest Subvention Scheme.

To encourage exports of readymade garments it has been announced in Union Budget 2014-15 to increase the duty free entitlement for import of trimmings, embellishments and other specified items from 3 percent to 5 percent of the value of exports, she added.