New Delhi, Nov. 20: The government today asked the textile sector to formulate a specific export strategy to attain a targeted export of $ 50 billion by 2010.
The Centre also plans to bring all textile business segments under the central value-added tax (Cenvat) chain while protecting the interests of the small-scale industry.
Addressing a Ficci seminar on the textile industry, finance secretary S N Narayan assured the sector of full government support. He said the sector which generates highest employment needs to focus on items that have potential for higher exports before asking for any incentives.
Narayan said, “The industry needs to examine areas where India has a distinctive competitive edge, particularly since the textile industry is looking at a huge increase in exports to sustain growth by 2010.”