Govt sets textiles exports target at $43 bn for FY'14

NEW DELHI: The government today said it has raised textiles exports target to $ 43 billion for the current fiscal from $ 32 billion in the last year.

"In July 2013, the government has raised the annual export target for textiles and clothing from $ 32 billion (2012-13) to $ 43 billion (2013-14) following discussions with textiles export promotion councils in the backdrop of rupee depreciation and strong industry performance," Minister of State for Textiles Panabaaka Lakshmi said in a written reply to the Rajya Sabha.

The US and Europe account for over 65 per cent of India's total textiles exports.

The targets of apparel exports for 2013-14 has been fixed at $ 17 billion from the 2012-13 actual performance of $ 12.39 billion, Lakshmi said.

Under the 12th Plan, the key objectives for textiles sector are to achieve an annual average growth rate of 11.5 per cent in volume terms and 15 per cent in value of exports by increasing domestic value-addition, technological depth and enhancing competitiveness of textiles products.