Mumbai, Jun 24 (IANS): India now ranks second to China in textiles exports and the government is prepared to give more incentives to boost this sector, Textiles Minister Santosh Kumar Gangwar said here Monday.
"Textiles have tremendous potential and we have everything going for us to improve our exports," Gangwar said at the inauguration of the 59th National Garment Fair, India's biggest apparel trade show.
Stressing upon overall improvements of value chain in the textile industry to derive maximum benefits, he highlighted the need for technology upgradation, better infrastructure and appropriate skill development for boosting textile exports.
Despite recessionary trends globally, India's textile exports went up from $33 billion to $40.2 billion in 2013-14.
"Interestingly, more than 50 percent of the exports are from the apparel and clothing segment which indicates that India is gradually shifting from export of low-value added products to high-value added goods," Gangwar noted.
He added that the government is preparing a blueprint for the holistic development of this sector and it would also try to address tariff rationalization issues with other countries through various means.
Recent, India overtook Germany and Italy to become the world's second largest exporter, ranking behind China and this was possible by focusing on markets beyond the US and European Union and other policy initiatives.
During an interaction with Gangwar, textile industry captains raised issues of raw materials price fluctuations, duty structure rationalization, adequate working capital availability and supply of uninterrupted power.
They also demanded continuation of the Technology Upgradation Fund Scheme without any blackout periods and sought better reciprocal benefits for exports to China.
Earlier, Gangwar inaugurated the 59th NGF, organised by the Clothing Manufacturers' Association of India (CAMI), at the Bombay Exhibition Centre in suburban Goregaon.
The 59th NGF has around 700 stalls displaying over 730 brands and over 40,000 retailers are expected to visit the event, generating a business of around Rs.5 billion.