The Indian government has raised its textile export target by 5.7% to US$40.50bn following the introduction of its latest Foreign Trade Policy supplement.

The previous target for 2012-2013 was $38.31bn, according to the Ministry of Textiles. In 2011-2012, the sector beat its export target of $32.35bn to reach $33.31bn.

The government introduced various provisions in its Foreign Trade Policy 2009-2014 and additional elements were included on 5 June to enhance the country's global competitiveness.

The provisions include a 2% interest subvention in packing credit for the ready-made garment sector for one year to 31 March 2013. In addition, the Market Linked Focus Product Scheme (MLFPS) has been extended for exports of ready-made garments to the US and EU and includes seven new markets under the scheme. 

The Ministry claimed that there have not been any job losses within the industry in India as a result of the recent recession. It is working on reviving the textiles industry and exports through various schemes.