Exports target may be reviewed, Vaghela
Textile Ministry is likely to review its target of $50 billion exports by 2010-2011 following rupee appreciation, Union Textiles Minister Shankarsinh Vaghela said on Sunday.
By PTI |
MUMBAI: Textile Ministry is likely to review its target of $50 billion exports by 2010-2011 following rupee appreciation, Union Textiles Minister Shankarsinh Vaghela said on Sunday.
"We have set a target of $50 billion exports by 2010-2011. We are doing everything possible to achieve it. However, we may review it, if the need arises to do so", Vaghela told reporters on Sunday.
Admitting the rupee appreciation and the slow down in US economy had affected the exports though for a brief period, the Union Textile Minister said the problem was now over and exports is back on tracks.
"Strengthening of the currency is good for the country's economy but on the flip side it harms the exporters. There was a slow down in the exports for some months. However, now things are looking up, and exports is back on the tracks," Vaghela said.
He said that Indian textile and clothing exports has done better than China in the first two months of the year and hope that the trend would continue.
"While China's export has gone down by 2.5 per cent in the month of January and February this year, our exports grew by 8.5 per cent, he said.
"We have set a target of $50 billion exports by 2010-2011. We are doing everything possible to achieve it. However, we may review it, if the need arises to do so", Vaghela told reporters on Sunday.
Admitting the rupee appreciation and the slow down in US economy had affected the exports though for a brief period, the Union Textile Minister said the problem was now over and exports is back on tracks.
"Strengthening of the currency is good for the country's economy but on the flip side it harms the exporters. There was a slow down in the exports for some months. However, now things are looking up, and exports is back on the tracks," Vaghela said.
He said that Indian textile and clothing exports has done better than China in the first two months of the year and hope that the trend would continue.
"While China's export has gone down by 2.5 per cent in the month of January and February this year, our exports grew by 8.5 per cent, he said.
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