Indian textile & garment makers eye 15-20% growth in FY'14

17 Jul '13

2 min read

The textile and garment makers of India are eyeing 15-20 percent growth in exports this year as the Textiles Minister K Sambasiva Rao has assured full support to the industry and the Indian Government is planning to implement some new measures to boost exports.

Speaking to fibre2fashion, secretary of Confederation of Indian Textile Industry (CITI), Mr. DK Nair said, “All the segments of the textiles value chain are doing well at present both in the domestic and global markets.”

“This year, the country textile and garment industry may witness an increase of 15-20 percent in exports which could go up further if some of the measures already being contemplated by Union Government get implemented without any delay,” he mentions.

Mr. Manikam Ramaswami, chairman and managing director of Loyal Textile Mills Limited, also expects 15-20 percent growth in Indian textile and apparel exports in the current year, he says, “The textile and clothing manufacturers in the country should focus on improving internal efficiencies rather than asking for sops.”

“The garment manufacturers need to invest in automation, industrial engineering (IE) practices and providing proper training to workers,” he adds.

According to Dr A Sakthivel, chairman of Apparel Export Promotion Council (AEPC), Indian apparel exports touched US$ 1.240 billion in June 2013-14 with an increase of 12.13 per cent against the corresponding month of last financial year.

“The flow of expansion of orders in India is expected to fetch additional US$ 3 billion business in the country because world renowned chain stores and international brands have preferred expanding their sourcing of the merchandise from India. As a result, factory compliant manufacturing in India has surged with new and unprecedented export orders in the current season,” he said in a statement.

Last week, a meeting of the High Level Committee on Manufacturing (HLCM) led by Prime Minister Manmohan Singh decided to facilitate the rapid scaling of competitiveness of the garment sector in the country through a comprehensive package of measures.

In 2012-13, India’s garment exports dipped by around 5 percent year-on-year to US$ 12.9 billion, mainly owing to reduced demand in the US and the EU, which together account for more than 60 percent of India’s total garment exports.

Fibre2fashion News Desk - India

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