The AEPC – Apparel Export Promotion Council has said the export target of $15 billion is ambitious but achievable. In a presentation before textile secretary Rita Menon, AEPC's secretary general Vimal Kirti Singh said the figure is in line with post-quota projections and plan targets.
"If price competitiveness can be attained, India can become the second most preferred sourcing destination," he said. Nearly 90 per cent of the apparel industry comprises of micro, small and medium enterprises with flexibility to increase their exports by 50 per cent in a short span.
If recession-driven underutilization of capacity can be reversed, about 50 per cent growth possible, said Mr Singh. In 2009-10, the country exported garments worth $ 9.7 billion.
Additional $5 billion of exports will require production of 1.65 billion additional shirts, incremental fabric consumption of 2.85 billion meters, 450 million to 500 million kg of yarn, 425 billion meters of sewing thread, $ 400 million of accessories like buttons, tags and labels, and additional 375,000 containers of shipping space.
This will create an additional employment of five million people through the value chain, said Mr Singh. Faster implementation of free trade agreements with the European Union and other countries will lead to additional apparel exports of $ 1.3 billion.
He called for favorable currency management for exporters, availability of raw material (cotton yarn and fabrics) at reasonable prices. Mr Singh also called for calibrated exports of fabrics and yarn after the country's requirements are met. Duty drawback rates should be increased to 15 per cent by including state taxes.
AEPC – Apparel Export Promotion Council
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