The government today said India's textiles sector impacted by the global downturn is on the path of recovery and exports are likely to increase by 10 per cent in the current financial year.
Impacted by demand slowdown, exports of textiles, including garment and silk, contracted by 4.34 per to $14.07 billion in the first nine months of 2008-09 over the corresponding period.
"In FY11, the textile industry exports are projected to grow by 10 per cent," Minister of State in Textiles Ministry Panabaaka Lakshmi informed Rajya Sabha in a written reply.
She said that the textiles and clothing industry was adversely affected by the global economic slowdown and recession, "but is on the path of recovery".
Replying to another question, the minister said all possible efforts were being made to put the National Textiles Corporation (NTC) on strong footing.
The Board of Industrial and Financial Reconstruction envisages modernisation of 24 mills by NTC.
"Out of these 24 mills, 18 mills have already been modernised," she said, adding that depending upon availability of funds, all the 24 mills can start functioning by March 2011.
