The Textiles Ministry has revised the export target for textile products to $40.50 billion for 2012-13, an increase of about 22 per cent compared to the $38.18 billion that was set 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 exports stood at $26.9 billion. Last fiscal, it was $33.31 billion. She also said that there was no report of job loss in the industry due to the slowdown.

Ms. 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.

More In: Industry | Business