Textile exports in FY11 may cross $40b: Vaghela
MUMBAI: India’s textile exports may cross $40 billion in 2010-11, short of the government’s stated target of $50 billion, weighed down by the rise in rupee over the past year, Union textiles minister ShankerSinh Vaghela said. The government is targeting textile exports of around $25 billion for 2008-09, Vaghela said on Wednesday. India missed its 2007-08 target by 18% due to the rupee appreciation. “I understand that our $50 billion target is facing some challenges, but we are still confident of achieving more than $40 billion,” Vaghela said. “A strengthening currency is good for any country. However, our exports were hurt as exporters did not get the desired returns,” he added. The worst is behind and exports would benefit now that the rupee has started falling again, he said.