India's Textile Export Target Rose To $40 Billion 500 Million.

　　 India The government will make 2012-13 of the current fiscal revenue. Textile exports The target was raised to $40 billion 500 million from an earlier set of US $38 billion.

Kiran Dhingra, Secretary of the Ministry of textiles, said that after the annual supplement to the foreign trade policy (FTP) announced preferential measures, the export of textile and garment industry was optimistic, so the government will make its current financial year. textile Export target upgrades

She added that although India's traditional markets, such as the US and Europe, continue to slow down, Spin Industries such as clothing, carpets and handicrafts have been doing well this year.

To boost exports, the government extends the interest subsidy scheme for a year until the end of this financial year. This will be beneficial to the development of carpet, hand loom, handicraft industry and small and medium-sized enterprises. In addition, the government has incorporated the clothing sector into the interest subsidy scheme.

For India's exports to the European Union and the United States, the government has extended the market linked key products plan to March 13, 2013.

The technology transformation export promotion capital goods (EPCG) plan has also been extended to the end of the fiscal year. The plan allows zero duty to import capital goods, aiming to save at least 6 times the duty on exported goods in the next six years.

In the first two months of this fiscal year, the export of carpets and handicrafts increased by 10% compared with that of the previous year, while the growth of clothing exports was flat.

The textile secretary said that during the period from April to May, the export trend increased slowly compared with the same period last year, but the textile industry expects that India's export growth is expected to be better this year because of the development of new markets, although India's currency has depreciated.

In order to reduce India's dependence on the traditional markets such as the European Union and the United States, India textile and garment exporters are exploring new markets, such as Russia, Japan and some Latin American and African countries.

In the last financial year, India's textile exports, including clothing, amounted to US $34 billion, much higher than the export value of US $26 billion in 2010-11.