New Delhi, Dec. 12: Amid worsening debt crisis in Eurozone and weak consumer sentiments in the U.S. market the Government of India has set an ambitious $33 billion export target for textile sector for fiscal 2012-13, almost 18% more that the $28 billion target set for fiscal 2011-12.  

Expressing 'serious concern' over the current global scenario the Union Textiles Minister Anand Sharma informed Lower House of the Parliament that steps have been taken to address the emerging challenge. He further said that the textiles sector has witnessed a slowdown due to various factors, including the poor global economic situation.

Replying on a supplementary question on Chinese raw silk dumping issues, Sharma said the Government has not received any complaint for dumping of Chinese raw silk in the Indian market. However, he maintained that Chinese silk was helping weavers in India as the production of raw silk has come down in the country.

On progress made in the textile sector, he said, total 21 new integrated textile parks was approved in October 2011 at a cost of Rs 21 billion to create world-class infrastructure for the textiles industry.

On status of handloom sector, Sharma said the handloom sector is facing competition from the mechanised sector and the flow of credit to the sector has been characterized by high costs, low disbursement levels and choking of credit lines due to a debt over-hang.

In a move to help over 4.3 million weavers, the CECA recently approved a Rs 38.84 billion loan waiver package for the handloom sector.