Chinese beaten in their game by India, textile exports to US post MFA
05 Jun '06
1 min read
Quota restrictions imposed on Chinese textile by the US and Europe have come as a blessings for Indian manufacturers.
China's export in the last quarter of 2005-06 was nine percent, while India recorded 13 percent after the quotas were eliminated in January 2005 under the WTO agreement, Union Textile Minister Shankersinh Vaghela stated.
India has huge opportunity to establish itself in export markets as 10 percent limit on Chinese textile exports will remain till 2008, he added.
After January 2005, exports to US and European countries increased by 26 and 18 percent.
Speaking more on future plans, Vaghela said that ministry would construct 25 textile parks in the country, and nine has already been approved.
Each park would require investment of Rs100 crores, of which Rs40 crores would be provided as subsidy by Textile Ministry.
Gujarat, a leading state involved in manufacturing textiles and apparels, would has been alloted two parks each at Surat and Kutch.
In addition, a textile plaza would also come up at the now defunct Jahangir Mill compound in Ahmedabad, earlier also known as the Manchester of India.
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