Indian Textile & Apparel Exports Touch $7.79Bn In Q1 Fy14

India’s textile and apparel exports for the quarter of April to June in fiscal year 2013-14 totaled US$ 7.79 billion which is almost the same as the exports made during the first three months of last fiscal year.
 
The textile and apparel exports during the same period of last fiscal stood at US$ 7.76 billion.
 
Panabaaka Lakshmi, Minister of State for Textiles, stated the export figures in a written reply to the Lok Sabha, the Lower House of the Indian Parliament, reports The Economic Times quoting PTI.
 
The apparel exports for the first three months of the fiscal year 2013-14 totaled US$ 3.561 billion, showing an increase of 11 percent compared to the same period of the last fiscal year, according to the data from the Apparel Export Promotion Council (AEPC).
 
In 2012, India’s textiles and clothing exports were severely affected due to the instability prevailing in the major markets of the world, including the US and European Union, which account for 65 percent of the country’s total textile exports.
 
The textile and apparel exporters from India are exploring new markets in countries like Japan, Australia, Israel, Latin America, Africa, South East Asia and Middle East to reduce dependency on western markets.
 
To give the textile and apparel exports of the country a much needed impetus, the Government has taken various steps including providing a 3 percent interest subvention on textile exports and inclusion of new markets like New Zealand, Latvia, Lithuania and Bulgaria under the Focus Market Scheme and incremental export incentive scheme.
 
In the fiscal year 2012-13, the textile exports of the country stood at US$ 31.71 billion, of which the apparel exports totaled US$ 12.923 billion.

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