India’s textile exports remain flat in 2015-16

The Dollar Business Bureau

Santosh Kumar Gangwar, Minister of State for Textiles said on Thursday that the textile exports of India remained flat in the last financial year, at $40 billion as compared to $41.4 billion in the previous year.

"Regardless of poor condition of market, the Indian textile industry did well as compared to other sectors on the export front. The country’s textile exports, in 2015-16, remained at $40 billion," the Minister said after the inauguration of Technotex 2016 conference in Mumbai. 

However, exports during FY 2015-16 were less than the $47.5 billion target fixed by the government for textile and clothing.

The textile minister further said that in the technical textile sector, the country has a huge potential for growth.

"The technical textile sector is still emerging but this sector has been recognised by the government as well as industry stakeholders as the fastest growing section of the textile sector,” he said.

The minister pointed out that the rate of growth for technical textile sector is estimated to be much higher. 

"Based on past growth trends and expected growth of end-user segment, for 12th Five Year Plan, the Working Group on Technical Textiles has predicted the market size of technical textile for the year 2016-17, to Rs.1.58 lakh crore ($28.82 billion) at a growth rate 20 percent," the minister added.