India’s textile exports for the current fiscal year 2013-14 are likely to grow by 15 percent over last year, Minister of State for Textiles Panabaaka Lakshmi has said.
During the first eleven months of last fiscal year, India exported textiles worth US$ 22.25 billion, registering a dip of 4.1 percent, owing to slow demand from Western markets. Inaugurating a six-day long exhibition ‘Shilpangan’ in New Delhi, the Minister expressed hope that the performance of the country’s textile sector would improve this fiscal, as demand from Western markets has started to revive. Traditionally, around 60 percent of India’s textile exports are destined to the EU and the US.
The Minister said the order flow from the US market has increased, however, the demand from European market is still slow. She added that Indian textile exporters have started exploring new markets like Russia, Latin America and Africa. Shilpangan is jointly organized by Federation of Indian Chambers of Commerce and Industry (FICCI) and Rural Non-Farm Development Agency (RUDA).
The fair focuses on featuring and promoting artefacts and other products prepared by self help groups, artisans and small and medium industry.