Besides the economic volatility and downtrend experienced in the Western markets, including the EU and the US, India plans to achieve a higher textile and garment export target during the current fiscal, according to a fibre2fashion.com report. Stating that the EU and the US, which jointly accounted for more than half of India’s textile exports, were hit by financial crisis, the report went on to add that however, having identified new export avenues like Africa and Latin America, where there was humungous demand, India aimed at setting its textile and garment export target for the current fiscal at $ 38 billion.
Quoting experts as saying, the report further said that this was a 12 percent rise over last fiscal’s textile and clothing exports of $ 34 billion. What is more, in 2010-11, India’s textile and garment exports were worth $ 26.8 billion.
Despite the increase in its exports figures, India’s textile and apparel export performance had lagged behind its global competitors over the past few years. While China catered to around 28.3 percent of world textile and clothing demand, India accounted for a meagre 4.3 percent share. Experts also believed that India needed to focus on finding out ways to grow its textile and garment exports. Indian apparel industry, the report said, should work hard to strengthen its safety, labour and health compliances to enhance its global competitiveness. The experts, finally emphasised that the Government and the textile and garment exporters should jointly initiate efforts for identifying new export avenues, as this could reap better results this fiscal.x