NEW DELHI: India’s textile exports remained flat at $40 billion in the last fiscal, as compared to $41.4 billion in 2014-15, Union Minister Santosh Kumar Gangwar said here on Thursday. “Despite poor market conditions, the textile industry did well as compared to other sectors on export front. Our textile exports remained at $40 billion in 2015-16,” the Minister of State for Textiles said after the inauguration of Technotex 2016 conference here.
In 2014-15, textile exports stood at $41.4 billion. Exports during last fiscal were, however, lower than the target of $47.5 billion set by the government for textile and clothing. The subdued trend in exports was due to recessionary trends in Europe and the US markets, industry experts said.
About the technical textile sector, he said the country saw a huge growth potential in the sector. “This (technical textile) sector is still at its nascent stage but it has been recognised as the fastest-growing segment of the textile sector by the government and industry stakeholders alike. These functional textiles are used for their inherent performance enhancement properties in various fields, ranging from protective services, steel manufacturing, construction, agriculture, sports, nation security, food security etc,” he added.
