Textile Exports Target At USD 47.5bn For 2015-16

TextileTextiles Minister, Santosh Kumar Gangwar has said that the export of textiles for the current financial year (2015-16) targeting a growth of 14 per cent has been fixed at 47.5 billion US Dollar from actual exports of 41.6 billion US Dollar in 2014-15.

In his written reply to Lok Sabha on July 23, Gangwar said government is encouraging exports through Merchandise Exports from India Scheme (MEIS), which has recently been modified to include the markets of Bangladesh and Sri Lanka.

On technology upgradation in the sector, there is a budget provision of Rs.1,520.79 crore under Technology Upgradation Fund Scheme (TUFS) for 2015-16, out of which Rs.437.58 crore has been released till date. Request has been made for increasing the outlay.

The textile industry occupies a unique place in our country. One of the earliest to come into existence in India, it accounts for 14 per cent of the total Industrial production, contributes to nearly 30 per cent of the total exports and is the second largest employment generator after agriculture.

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