India’s parliament revealed on Thursday that the government spent Rs 288.4 crore (about $2.9 billion) over the past three years to build textile parks across the country. According to the Economic Times, textile exports account for 12 percent of India’s total shipments.
Textiles minister Santosh Kumar Gangar said the textile industry is not headed toward trouble because of the fluctuation of cotton prices in the domestic market. He added that the government is not considering restoring the export incentives under the focus market plans given to cotton and cotton yarn exporters.
Gangar said, “The prices of lint cotton during the current season have been 13 percent to 30 percent lower than the prices of cotton from corresponding period in last year, thereby affecting the farmers.”