MUMBAI, JAN 24: The Union ministry of textiles has revised its export target to $85 billion by 2010 from $50 billion. The ministry has revised its target in the wake of surging exports to the US and EU countries with the opening up of multi-fibre agreement (MFA) on January 1, 2005.
Confirming the development, textiles minister Shankarsinh Vaghela told FE, ?e are eyeing a target of $85 billion of exports by 2010. Post- quota, our exports to the US have grown by over 27% and by over 20% to the EU. Our total textile exports have already touched $36 billion as of September 2005 and the same trend will continue in the coming years.?The earlier target was set by the National Textile Policy, which envisaged achieving the target of textile and apparel exports to $50 billion by 2010. The share of garments in the target will be $25 billion.
Refuting media reports about textile exports declining in 2005, a senior ministry official said, ?he media reports are based on DGCIS data, which are based on the value of exports. It could show a loss as there has been a decline in global prices of textile products post WTO. Our exports have actually gone up.?
The ministry is planning to set up an International Convention Centre in Mumbai at a cost of over Rs 700 crore.
The ministry is planning to replicate the ?elhi Haat?concept across the country, which would require investments of another Rs 400 crore. On Technology Upgrade Fund Scheme, Vaghela said, ?lready, loans worth Rs 31,000 crore have been disbursed under TUFS and loans amounting to Rs 18,000 crore have been disbursed since the UPA government came to power.?o:p>
