Source: Economic Times

New Delhi, May 14, 2012  – The government today said the country’s textiles exports are estimated at $34 billion during the 2011-12 fiscal year, which is from April 01, 2011 until March 30, 2012.

“Textiles exports for the year 2011-12 are projected at USD 34 billion,” Minister of State for Textiles Panabaaka Lakshmi said in a written reply to the Lok Sabha, India’s lower house in Congress.

During the 2010-11, the textiles sector achieved exports of $26.8 billion, or about $7.2 billion lower in amount. So the increase works out to a healthy 27 percent in a year.

The main markets for India’s textiles exports are the United States and Europe.

To reduce dependence on these markets, India’s exporters are exploring new markets including in Latin America and Japan.

Lakshmi said the government has taken steps to improve the productivity of cocoons and raw-silk to improve sik production. It has strengthened the extension support to the farmers and is developing improved seeds, she said.

The demand-supply gap of raw-silk is estimated at 7,406 metric tonnes in the 2011-12 fiscal year compared to 11,742 metric tones during the previous year, she said, adding the gap is being met through imports, mainly from China.