India’s textile and apparel exports expected to touch USD 50 billion in FY 2016
Q. According to the textile ministry, India’s textiles and apparels exports will touch which mark in FY2016?- Published on 04 Jul 16a. 50 billion
b. 38 billion
c. 45 billion
d. 40 billion
ANSWER: 50 billion
Aided by the special package and marketing plans, India’s textiles and apparel exports are expected to touch USD 50 billion mark this fiscal from USD 38 billion in FY2016
- Union Cabinet approved INR 6000 crore package for the sector aiming to create one crore new jobs in 3 years and attract investments of USD 11 billion while eyeing USD 30 billion in exports
- Key markets like EU and US are expected to grow and new markets such as Iran, Russia and S. America will also be explored
- Country is ready to capitalise on falling share of China in textile exports in the global market and the nation’s market share has fallen to 38 percent from 40 percent on account of high wage rate and entry into high tech end products.
- Cotton Textile Export Promotion Council also released an Ernst and Young report titled “Textile Industry as a Vehicle of Job Creation for Inclusive Growth.”
- It is also important to finalise FTAs with EU, Australia and Canada in addition to negotiating concessional tariff with China to protect domestic suppliers.
- Labour intensive home textiles segment suffered on account of tariff disadvantage of 9.6 to 16 percent in markets like EU and Canada
