India's textile exports will achieve the target of USD 40 billion during this fiscal, Union Textile Minister Santosh Kumar Gangwar said today.
The minister, who is here to participate in a few textile-related functions, said China and India were competing in export market and a day will come when India will catch up with the neighbouring country.
When asked about the status of the textile industry, Gangwar, said that technical textile, which has so far remained untapped in India, was emerging now.
Technical textiles are textile materials and products used for their technical performance and functional properties.
The projected growth of technical textile was 20 per cent year-on-year and considering this the Centre had allocated Rs 200 crore to set up Centres of Excellence at eight places, to produce medical textiles, industrial textiles, among others, Gangwar said.
On Cabotage law, allowing empty vessels to transport cotton so that prices could be brought down, the minister said the ministry has already spoken to the Commerce and Shipping ministries, which have relaxed the rules and soon the benefits will percolate down.
