Textiles Minister Dayanidhi Maran today asked the domestic apparel industry to target exporting $25 billion worth garments by 2012, up from $22 billion recorded in the last financial year.
"The apparel export industry provides employment to 2.5 million workers directly and three million indirectly, earns foreign exchange of Rs 50,000 crore annually and the need of the hour is to raise the level of exports to $25 billion by the year 2012," Maran said.
With the system in place to propel such exports, Maran even voiced for a $90-100 billion exports in the segment in the next 25 years.
While giving away the Apparel Exports Awards and Life Time Achievement Awards organised by Apparel Export Promotion Council, the Minister said such exports contribute to 13.5 per cent to the country's merchandise exports.
"Our presence in international textiles trade is minimal," he added.
The prime reason for our low share in international trade is the pre-dominance of low-value items in the export basket.
"We have to exploit the opportunities offered by the free market economy, while weaknesses hindering our growth have to be eliminated or their impact minimised through well defined initiatives to emerge as a strong international cost and quality competitive textiles economy," Maran said.
