New Delhi: After the quota regime, textile exports to the US and European Union has seen a significant growth as a result of which country textile sector stands second after China. Ministry of Textiles said here on January 16.
Further added that cotton textile and yarn products exports has been overtaken by home textiles and made ups segments. Since exports to US has increased by 30-35% its exports to EU has been increased by 20%. Indian apparel exports are estimated to increase to Rs.35000 crore till March 2006 against existing Rs.30000 crore, since China operation in shipment is restricted until 2008.
Ministry added, that the textile industry has estimated to grow from the existing $37 billion to $85 billion by 2010 creating 12 million jobs, as textiles contribute 14% of India's industrial production, 4% to its GDP and 21% to the country's total export earnings as on Dec 2005.
Textile sector also invested Rs.7458 crore in 2004-05 as compared to Rs.3676 crore during 2003-04.
Arvind Mills, Alok Industries and Welspun are some of the companies which experience increase in export orders from new and existing customers since 1 Jan 2005. India's performance has been better than other Asian countries such as Pakistan, Bangladesh, Thailand and Turkey.
