We had set a textiles exports target of $25 billion for the current fiscal. But now, we are expecting textiles exports in the range of $22-23 billion in the current fiscal, textile secretary Rita Menon said.
During 2009-10, the country's textile exports stood at $22.4 billion.The US and EU together contributes 70% to the country's total textiles shipments. The sector was hit-hard due to global economic slowdown in the western markets which led to less number of orders for the Indian exporters.
The economic recovery is still fragile in the West and the demand is still to pick up, Menon said. She said, We are doing well in some sectors such as synthetics and carpets, not doing well in some and having a zig zag. It is a mixed bag and we are struggling to keep to the target set by the textiles ministry.
Asked if the ministry will ask for a stimulus support for the sector, Menon said, We expect to fall short (of the target) like many other sectors across the industrial value chain in other ministries. But, we will see about the stimulus later. However, during the first six months of the current fiscal, the textiles shipments have increased by 11.3% to $11.2 billion.