Indian textile minister said that India's textile exports decreased by 5.9% year-on-year to 14.1 billion U.S. dollars during the fiscal year, and from April to September 2011, exports reached 14.8 billion U.S. dollars.
In a written reply to the People's Institute of the Lower Ministries, the minister pointed out that due to the slowdown in the main market economy, such as the European Union and the United States, Indian textile exports have declined.
He said that the government has reviewed the textile industry's export rules in accordance with the 2012-13 foreign trade policy and aims to promote textile exports.
After review, the government extended the 2% interest subsidy on handlooms, handicrafts, carpets and SMEs until March 31, 2013. Clothing was also included in the interest subsidy list.
In addition, the market-linked key product plan has also been extended to the EU and the United States.
The government has also raised the funding for the development of the textile industry from 1400 billion rupees in the 11th Five-Year Plan to 259.32 billion rupees in the 12th Five-Year Plan (2012-17).
In the last financial year, Indian textile exports were US$30.4 billion. The government set a target of US$38 billion for export in the current fiscal year.
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