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The Textile Magazine
August 2012
Sharma’s cautious optimism
The export scenario is really grim, with
overall exports from the country registering
the sharpest fall of 14.8 per cent in the last
three years at $22.4 billion in July, rendering
it extremely difficult to achieve the $350 bil-
lion export target fixed for the current year.
There has been a distinct fall in overseas
demand for Indian products in general, par-
ticularly US and European enquiries for tra-
ditional textile products. The situation will
deteriorate further in view of the uncertainties
gripping the individual economies across the
world, faced as they are with the worst-ever
industrial slowdown. This has caused widespread concern among industry
circles. However, Mr. Anand Sharma, Minister for Commerce & Industry
and Textiles, remains unfazed and has rightly predicted a turnaround in In-
dia’s exports, especially textiles, after September-October. This optimism
is based on the fact that textile exports for 2011-12 at $34 billion easily
exceeded the target of $33 billion originally fixed.
This line of thinking must have influenced the Ministry to revise the ex-
port target for textile products for 2012-13 at $40.50 billion against $38.37
billion fixed earlier. As part of its export drive, the Government has also an-
nounced special incentives for the textile & garment sector, including those
for exports to focus markets and exports of focus products. The comprehen-
sive package covers financial assistance to textile exporters under the Market
Development Assistance Scheme and the Market Access Initiative Scheme
for enhancing the share in the existing markets as well as those unexplored
so far.
Of far greater significance are the ongoing rescheduling of bank loans to
the textile sector worth Rs. 35,000 crores and the recommended allocation
of Rs. 15,886 crores for the Textile Upgradation Funds Scheme (TUFS) in
the 12th Plan. While the recast of loans, the biggest-ever so far, will provide
the much-needed relief for the crisis-ridden textile mills, the funds for tech-
nology upgradation will help the industry keep pace with the modernisation
trends worldwide. The ultimate objective, as has been repeatedly empha-
sised by Mr. Sharma, is to restore the ailing textile industry to health as
speedily as possible.
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Edited & Published by R. Natarajan on behalf
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No.38, Thomas Road, 2nd Street, T.Nagar,
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TEXTILE MAGAZINE
THE
R. Natarajan,
Managing Editor & Publisher