Indian textile exports to register 25 percent growth

Textile exports from India are expected to register a 25 percent growth during this year, a senior textile ministry official was quoted by Press Trust of India as saying Monday.

Though there was a 10 percent decline during the first four months of the year, imports by the US and European countries have shown a quantum jump, which would enable India to register the 25 percent growth, Indian Textile Secretary R Poornalingam said.

While total textile imports by the US have shown an increase of 24 percent with India's share (exports) being 10 percent, the country's share in European countries accounted for 11 percent of the total imports there, Poornalingam said.

Moreover, the upbeat mood of Indian exporters, who were happy with the Indian government's schemes and modernization undertaken by exporting units, would also add to the confidence of textile exports to grow by 25 percent, following the increase of imports by major markets like the US and EU, he said.

The ministry had appointed an agency to study various aspects of textile exports, including the decline during the initial months of the phasing out of the quota regime, Poornalingam added.

Source: Xinhua