India Textile Minister Said It May Reconsider Export Targets
The appreciation of the rupee and the slowdown in the US economy could lead to the India textile minister's reconsideration of the export target of $50 billion for 2010-2011 years. India's joint textile minister, Mr Shankarsinh Vaghela, said India had set 2010-2011 years' export target of US $50 billion, and India is making every effort to achieve this goal. However, if necessary, India may reconsider the export objective.
He said that currency appreciation is good for the national economy, but it hurts the interests of exporters. Exports have been on the decline for months. But now things are starting to improve and exports are back on track.
The textile minister also pointed out that exports of textile and clothing products showed a positive growth in the first two months of 2008, which is better than that in China.
In the first two months of this year, China's exports decreased by 2.5%, while India's exports increased by 8.5%.
Experts believe that if this trend continues, India may surpass China and become the world's largest exporter of textile products. This will certainly be a valuable achievement.
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