According to Directorate General of Commercial Intelligence and Statistics (DGCI&S), textile exports up to May this year had shown a 10% fall. However, figures from the US and the European Union (EU) Customs authorities on shipments from India are different.

While exports to US up to April this year had posted a 24 per cent rise, in the case of the EU it was up by 11%. The Ministry has roped in some professional bodies to undertake a study on these discrepancies to arrive at the right figure. The study results would be known in a month.

Mr Kamal Nath, the Commerce and Industry Minister, a proponent of reform, has been talking of allowing foreign investment of 24% to 49% in Indian retail ventures. He said, “If I was to characterize the Indian economy of today by just three adjectives, I would put it as: “India: Fastest-Growing Free-Market Democracy”. …The Indian economy is now growing at 7% per annum on a sustained basis. Our exports are $80 billion, our imports $105 billion and our foreign exchange reserves are a comfortable $140 billion.

India has developed a ravenous appetite of late, and … There will be a convergence of consumer needs in societies. …I am certain that in the future, the flow of goods and services, as also the flow of people, will become far easier, and more relevant to our communities’ needs and requirements.