The exports of garments from India are likely to cross the US$ 17 billion mark in fiscal year 2014-15, according to the Clothing Manufacturers’ Association of India (CMAI).
Addressing a press conference to announce the 59th National Garment Fair, chairman of CMAI Board of Trustees Premal Udani said India’s overall textile exports stood at $32 billion in FY’14, with apparel exports contributing $15 billion, Economic Times reported quoting PTI.
Mr. Udani said India’s clothing industry is doing well and the CMAI expects the country’s garment exports to grow at 15 percent year-on-year and cross the $17 billion mark.
He said the US and Europe are major markets for Indian apparel and these markets consume about 80 percent of exports. However, the industry is now focusing on new markets like Latin America and Japan, to overcome the slower growth being witnessed in traditional Western markets.
For apparel exporters, the appreciation of the Indian rupee vis-à-vis the US dollar is a matter of concern, as it decreases the competitiveness of Indian products. But, the CMAI is hopeful that the currency exchange rate would remain at around Rs. 60 per one dollar, Mr. Udani said.
At the press conference, CMAI president Rahul Mehta said India’s domestic apparel market has witnessed a slower growth rate in the first few months of the current fiscal year 2014-15, but it may now attain momentum and grow at 12-15 percent over the last year.
The CMAI is organizing “India’s largest Ever Apparel Trade Show – The 59th National Garment Fair” from 23rd June to 25th June 2014 at Bombay Exhibition Centre, NSE Complex, Goregaon (East), Mumbai.
The B2B fair will have 697 stalls displaying over 737 brands, making it India’s largest ever garment fair held so far. Approx. 40,000 retailers from all over India are expected to visit this fair.
On the sidelines of the fair, CMAI will be organizing ‘Fashion Fiesta’ - Fashion Shows on 23rd June & 24th June. Business Networking Sessions—the USP of the last 3 fairs—will continue this year as well.