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K S Rao, new Textiles Minister, vows $50 bn exports growth


 

After assuming charge, the new Textile Minister, K S Rao, Wednesday said the government has set an ambitious export target of USD 50 billion this fiscal, hoping realisation of the target will help in containing the high current account deficit.

"Current-account deficitis (CAD) is affecting the nation's economy and the textiles sector is one sector where we can increase the exports substantially. I am given to understand that our export in textiles is about USD 34 billion today, which I wish to make at least USD 50 billion by the year end," Rao told reporters after taking charge of the ministry.

"For this we have to encourage the skill development, and speak to all the industrialists in particular to find out what exactly are their problems, what type of support they require from the government and how they will be able to increase the exports. And that will solve the problem of CAD also and the country will be out of woes," he added.

Dr. Kavuru Sambasiva Rao took over as the new Union Minister for Textiles in New Delhi on Wednesday. Dr. Rao is a Lok Sabha member from Eluru constituency of Andhra Pradesh.

Speaking to mediapersons Dr. Rao assured that the Ministry will do everything possible to provide employment in a big way to poor sections of the society, and increase the exports in a big way and do justice to the cotton growers as well as the handloom weavers.

Putting stress on the fact the skill development is paramount, Dr. Rao said,"When there are skills with the people of the country, the growth will go up, the production will go up, the cost of production will come down, and then we will be able to compete in the international market."

"I wish to encourage providing skills to all those people, preferably freely," he added.