Published on February 3, 2014

Textile Minister of India said that India is looking for zero duty access for its textile in to Germany and UK. The ministry is in discussion on this matter with the European Union and said that India wants duty free access as given to other countries like Pakistan and Bangladesh. Ministry has also asked governmnet to reduce interest rate by 3-4 % for textile exports so that it can be helpful for the exporters. It will further help the exporters in competing the international market.

According to Textile ministry, this industry has got a very good potential in international market. India can become one of the leading exporters of textile in Asia. The reason is that the China based textile is becoming uncompetitive because of increased labour cost and textile material from Bangladesh is facing quality issues. Due to these reasons India has got the good opportunity of attracting all the European.

Excellent demand from the export market and increased production volumes helps Textile units to improve their revenues. This industry is performing well and is expected to do so in near future as per industry sources and industry analysts. Though still there are some issues affecting the industry like high interest cost, skilled manpower and innovative technologies. Demand in this industry is moving on normal basis for the current week.