Textile export target for 2015-16 up 14 percent

New Delhi, July 23 (IANS) The export target of textiles for the current financial year (2015-16) has been fixed at $47.5 billion, up 14 percent from 2014-15, parliament was told on Thursday.

“The export target for the current year has been fixed at $47.5 billion from actual exports of $41.6 billion in 2014-15 targeting a growth of 14 percent,” Textiles Minister Santosh Kumar Gangwar told the Lok Sabha in a written reply.

He also said the government is encouraging exports through Merchandise Exports from India Scheme (MEIS), which has recently been modified to include the markets of Bangladesh and Sri Lanka.

On technology upgradation in the sector, he said: “There is a budget provision of Rs.1,520.79 crore under Technology Upgradation Fund Scheme for 2015-16, out of which Rs.437.58 crore have been released till date. Request has been made for increasing the outlay.”

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