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Related Keywords: cost of credit, India self sufficient in textile, Interest Subvention Scheme, LSI, mega texile projects, Planning Commission, reduce interest rate, skill development, textile export, total foreign exchange receipts, TUF refunds, Welspun Chairman, world textile market

India is self-sufficient in textiles as the textile industry is one of the major contributors for India’s export basket contributing 12% of India’s total foreign exchange receipts and is not dependent on imports. This was projected by then Planning Commission that Textile exports will grow by 12% in coming years. In light of this, it becomes necessary to encourage textile exports, said B K Goenka, Chairman of Welspun.

Related Keywords: export revenue, export turnover, FTA with Canada, growth of 16 percent, increase power tariff, Interest Subvention Scheme, new foreign trade policy, on packing credit, President A Sakthivel, TEA, this fiscal, Tirupur export growth rate, Tirupur Exporters Association, Tirupur knitwear exports

Tirupur knitwear exports in the first six month of the ongoing fiscal year 2014-14 has registered revenue of Rs. 10,050 crores, a growth of 16 percent as against Rs. 8,650 crores in the corresponding period of last year. In Dollar terms, the growth is 13.35 per cent year-on-year during April-September 2014, said Tirupur Exporters Association (TEA) president A Sakthivel.

Exporters from this tiny town, the hub for knitwear exports are hoping to close the fiscal with an export turnover of Rs 21,000 crore.

Related Keywords: duty free import, export target, Interest Subvention Scheme, Ministry of Textiles, same as last year, schemes under Foreign Trade Policy, textile product

The Ministry of Textiles has fixed an export target of USD 45 billion for textile products for the current year 2014-15, after discussion with the Industry. In fact, there is absolutely no change done in the target from last year’s, which was set at USD 45 billion for textile product.
 
The set target was informed by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry, Nirmala Sitharaman in a written reply in Lok Sabha on Friday.