Despite the slowdown in the world economy, the government has set a target of $300 billion for exports this fiscal year.
"In the first quarter [FY12], we have achieved exports of $108 billion and we are hopeful of achieving exports of $300 billion in the current fiscal, as against $246 billion last fiscal," Minister for Commerce & Industry and Textiles Anand Sharma told reporters on the sidelines of first International Conference on Technical Textiles - TECHNOTEX.
Sharma said, however, that crisis in the world economy is severe and demand in Europe and America is weak as slow recovery, sovereign debt crises remain major concerns.
The minister also said that the Technology Upgradation Funds Scheme (TUFS) that provides Plan support for textiles through interest reimbursement and capital subsidy, will be extended during the 12th Plan period as well.
On 'National Manufacturing Policy', which aims to raise contribution of the sector in GDP from 16 per cent to 26 per cent by 2025, creating 200 million jobs, Sharma said the Cabinet will soon take it up for consideration.
On inflation, Sharma said he is confident that it will come down following good rainfall in August, which is expected to boost crop production.