The Textiles Ministry has revised the export target for textile products at $40.50 billion for 2012-13 instead of $38.18 billion fixed earlier, an increase of about 22 per cent over last year.
"Exports target for 2012-13 was initially fixed at $38.31 billion and has since been revised to $40.5 billion under the new Foreign Trade Policy. The Government has also recommended allocation of Rs. 15,886 crore for Technology Upgradation Fund Scheme (TUFS) during the 12 Plan and the matter is awaiting the approval of the Planning Commission,’’ Minister of State For Textiles, Panabaaka Lakshmi said in a written reply to the Lok Sabha on Monday.
In 2010-11, the country's textiles export stood at $26.9 billion. Last fiscal, it was $33.31 billion. She also said that there is no report of job loss in the industry due to the slowdown.
Ms. Panabaaka Lakshmi said against the budgetary allocation of Rs. 13,784 crore, an amount of Rs. 12,383.35 crore was utilised during the 11th Plan. The scheme is applicable to all the sectors including powerloom small scale industry.
Exports from India account for 5.13 per cent and 3.13 per cent respectively of world trade of Textiles and Clothing (T&C) products. India is the third largest supplier of textiles and clothing to US and the fourth largest supplier to the EU-27 countries.
The Government has introduced several provisions in the Foreign Trade Policy for providing incentives to the textile and clothing sector exports. This includes incentives for exports to focus markets and exports of focus products, interest subvention on pre-shipment credit, duty-free import of trimmings etc. required by the garmenting industry and duty-free import of tools by the handicrafts industry.
The Market Linked Focus Product Scheme (MLFPS) has been now extended for exports to US and EU in respect of readymade garments till March 31, 2013 and inclusion of seven new markets additionally each under Focus Market Scheme (FMS) and Special Focus Market scheme.