Textile export target increased to $40.5 bn

According to Panabaaka Lakshmi, Minister of State in

the Ministry Of Textiles the government has raised the target for export of textiles products during the year. The export target for 2012-13 was initially fixed at $38.31 billion (over Rs 200,000 crores) but now it has been revised to $40.50 billion (over Rs 220,000 crores) following the Foreign Trade Policy Supplement of June 5, 2012. “The government has also recommended allocation of Rs 15,886 crores for Technology Upgradation Fund Scheme (TUFS) during the 12th Plan and the matter is awaiting the approval of the Planning Commission,’’ Lakshmi said in a written reply to the Lok Sabha.

In 2010-11, the country’s textiles export stood at $26.9 billion (Rs 1,49,353 crores). Last fiscal; it was $33.31 billion (Rs 1,84,942 crores). She also said that there is no report of job loss in the industry due to the slowdown. Lakshmi said against the budgetary allocation of Rs 13,784 crores, an amount of Rs 12,383.35 crores was utilised during the 11th Plan. The scheme is applicable to all the sectors including powerloom small scale industry.

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.