The exports of garments from India have grown by 15.5 percent year-on-year to US$ 14.94 billion in the financial year 2013-14 that ended on March 31, 2014, according to the Apparel Export Promotion Council (AEPC).
The figures were disclosed by AEPC chairman Virender Uppal, while inaugurating the 21st edition of India Market Days in Gurgaon last week. Mr. Uppal termed the clothing export performance as good in view of the shrinking traditional markets, fluctuating currencies and uncertain global economic scenario.
The apparel industry in India has huge potential to shift the additional unutilized labor out of agriculture and lift the large population above the empowerment line, Mr. Uppal said. To jumpstart job creation, however, India will need to improve its business and investment climate, especially the labor incentive sector like the garment Industry.
India Market Days is a project approved by Ministry of Textiles and is funded under the Market Access Initiative (MAI) Scheme of Ministry of Commerce & Industry, Government of India for inviting overseas buyers and buying agents under reverse buyers-sellers meet (BSM).
“India Market days provide an opportunity to analyze and choose, from the wide spectrum of existing and emerging products at one place, finalize bulk requirements and negotiate best rates for bulk orders,” said Mr. Uppal.
The AEPC chairman appealed the India Market Days participants to also be present at the upcoming India International Garment Fair to be held in the July 2014 in New Delhi.
The next edition of India Market Days will be held in September 2014.