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Minister for Textiles Dayanidhi Maran says there is need to raise exports to $25 billion by 2012.
He said this at New Delhi on Wednesday while giving away apparel export awards. The country currently exports textiles and apparel worth $22 billion and these are expected to rise four-fold in the next 25 years.
About 60% of Indian exports and textiles and over 70% of clothing were to the US and the EU 27 markets and there was the need to explore new markets while reducing dependence on the US and the EU 27 markets, said Maran. He said that the government was promoting exports to Japan, South-East Asia and Australia under its Look East Policy.
The Minister said that the apparel export industry was employing 2.5 million workers directly and up to three million others indirectly, earning foreign exchange of Rs.50,000 crore annually. He said that half of the country's textile production was being exported and these exports earned 13.5% of the country's merchandise exports.
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