Indian Textile Achieves Good Growth and Exports to Cross US$ 40bn in Current Fiscal

Indian textile industry is confident of achieving good growth and exports to cross US$ 40 billion in the current fiscal, said Confederation of Indian Textile Industry (CITI) chairman Prem Malik, during the eighth edition of the textiles machineries, accessories and spares exhibition ‘TexFair 2013’ in the city of Coimbatore, Tamil Nadu.

According to Mr. Malik, garment exports from the country are growing at around 16 percent year-on-year, whereas exports of other textile products from the country are increasing by 11 to 13 percent, and the overall textile exports from India are expected to grow by 18 percent year-on-year, reports The Economic Times quoting PTI.

However, the CITI chairman expressed disappointment over the European Union’s (EU) decision to remove sops for Indian exports, including textiles, stating that there would be some impact as EU was the largest market for Indian textile exports, and the level of acceleration of the growth would be affected.

At the event, Apparel Export Promotion Council (AEPC) chairman A Sakthivel said the volumes of apparel exports were growing in the country and per unit realization is also increasing.

Apparel exports from India increased by 15.5 percent year-on-year to U$8.26 billion in the period of April to October and the surge was even higher in rupee terms, he added.

The TexFair 2013 event saw participation from around 210 exhibitors from various countries including China, Germany, Switzerland, the UK and the Czech Republic. Organized by the Southern India Mills Association (SIMA), TexFair 2013 brought together the manufacturers and suppliers of textile machinery, spares and accessories, under one roof.

In August 2013, the Indian Textiles Ministry set an ambitious target for textile and garment exports to US$ 43 billion in the current fiscal year of 2013-14, as against its target of US$ 34 billion in 2012-13. In the last fiscal year, India’s overall textile exports stood at US$ 31.71 billion, of which the apparel exports contributed US$ 12.923 billion.