India sets textile export target for FY18 at $45 billion

The Indian government has decided an export target of $45 billion for the textile industry for fiscal 2017-18, reducing it by 3 billion from last year's target, which the country missed by a large margin. The country earned $40 billion in 2015-16 in textile exports due to competition from Bangladesh and Vietnam and less demand from the UK, EU and China.

The target of $45 billon has been set for textiles and garment exports in the current fiscal, a top official told a news agency.

Union textiles minister Smriti Irani said during a press conference that road shows are being organised in the UK, US, Russia, China, UAE and South Korea to attract potential investors during the textiles India event that will begin in Gandhinagar, Gujarat from June 30.

The event will showcase India as a sourcing hub for textiles and will give manufactures, buyers and investors a chance to collaborate with their counterparts from across the world.

She also said that additional investments of Rs 3,000 crore have been confirmed by the textiles commissioner's office for the apparel sector to generate employment.

A special package of Rs 6,000 crore was also announced by the government in June last year to help the textile sector generate $30 billion in exports, attract investments worth $11 billion and create one crore new jobs in 3 years.