The centre has decided to cut down the textile and garment export target to 45 billion US Dollar for this fiscal from previous 48.5 billion US Dollar. Last year, the country missed the export target by a huge gap.
Less demand in major markets such as the US, EU and China, and stiff competition it faces from countries like Vietnam and Bangladesh, made India to miss its target last year. The goal for the financial year 2017-18 will represent a 17 per cent surge from the actual level of 38.6 billion US Dollar in 2016-17. In 2015-16, textile and garment exports totalled 40 billion US Dollar.
Recent demonetization also hit the labour-intensive sector, albeit temporarily. Zero-duty access facility to countries like Vietnam, Bangladesh and Pakistan added to the woes of Indian exporters. Bangladesh enjoys exports to the US and the EU at zero duty, which together account for around 65 per cent of Indian supplies.
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