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Related Keywords: textile export, textile exports of Turkey, textile import from China, textile import from India, textile import from turkey, textile trade surplus, world textile market

According to a note released by the Turkish Statistics Institute (TÜİK) on 25 August, Turkey was ranked the sixth largest textile and confection exporter of the world by making around 4 percent of such exports globally in 2014.

China topped the list with 41 percent, followed by India with 5.4 percent, Italy with 5.3 percent and Germany with 5 percent.

There has also been a decrease in the share of textiles trade in the world. While the share of the sector was 7 percent in global trade in 1995, this rate dropped to 4.6 percent in 2014.

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.