NEW DELHI: Textile exports from the country sustained continuous surge despite competition faced from countries like China, which also helps to increase the competitiveness of the domestic textile sector, textile minister Sankersinh Vaghela said here on May 24.
The minister further added that textile ministry is expecting to surpass the target of $ 19.7 billion this year up from $ 17 billion in 2005-06 and pointed out that in 2005-06, textile export also surpassed the export target of $ 13.56 billion.
Textile sector expects exports to reach $ 40 billion by 2010 while investments to reach a rare Rs.1.4 trillion mostly for enhancing the capacity and technology of the manufacturing units and setting up integrated textile parks.
Further with an investment of Rs 3.85 billion, a total of 11 textile parks are expected to be made operational by the end of the year.
During 2005-06 investments for upgrading and enhancing the capacity of the sector had reached Rs.300.32 billion as against Rs 29.38 billion in 2002-03.