Textile exports are going to achieve new height from the earlier target of $50 billion to new $80 billion by 2010, stated Union ministry of textiles, which has revised its export target.
The target has been increased following the rising exports to the US and EU countries with the opening up of multi-fibre agreement (MFA) on January 1, 2005.
Shankarsinh Vaghela, Textiles Minister confirmed the development and added that the country has set the target of $85 billion of exports by 2010, as after the elimination of quota restrictions, India's exports to US have swollen by more than 27 percent and to the EU by over 20 percent.
Total textile exports from India have already reached the level of $36 billion by September 2005 and this situation will continue in the years to come, said Vaghela.
To achieve the target, the ministry plans to establish an International Convention Centre in Mumbai at the cost of over Rs 700 crore.
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