ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Textile Exports: No Time to Lose

Alarmed by the announcement of preferential trade concessions to Pakistan by the European Union, and apprehensive that a similar package may soon be unveiled by the US, India is likely to ask the US for a higher textile export quota during prime minister Atal Behari Vajpayee’s visit to Washington this month. The government and industry are fearful that the move by the major markets for India’s textiles and garments will deal a further blow to already grim export prospects. During AprilAugust 2001 overall exports fell by 2.3 per cent from their yearago levels; textile exports, however, collapsed by a huge 17.3 per cent during the same period. With the global economy already lurching towards recession and additional strains caused by the terror attacks in the US and the subsequent strikes against Afghanistan, India may find it increasingly difficult to meet the government’s export growth target of 12 per cent for the current fiscal year, since textiles account for over 30 per cent of the country’s total export earnings.
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