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Textiles Minister Rao concerned over macro-economic risks
21
Jan '14
The Union Minister of Textiles Dr. K S Rao inaugurated and declared open the 4th edition of Tex-Trends India – 2014 in Pragati Maidan (ITPO), in the presence of Smt. Panabaka Lakshmi, Minister of State for Textiles, Smt. Zohra Chatterji, Secretary (Textiles), Mr. Virender Uppal, Chairman AEPC, Mr. Sudhir Sekhri, Chairman EP (AEPC), senior officials of Ministry of Textiles, Finance and Commerce, Chairmen & Executive Directors of the participating Councils; Ambassadors of Foreign Missions in India; buyers & buying agents.

In his inaugural address, Dr. Rao stated that, “It is indeed heartening to know that garment exports have been sustainably growing at the rate of 15% since the last nine months. Apparel exports have grown at the rate of over 15% during April-December, 2013.

"The data for the month of December 2013- 14 shows apparel exports was to the tune of USD 1244 million registering an increase of 17.4 per cent against the corresponding month of last financial year. Cumulative export in for April-December 2013-14 has increased by 16.3 per cent over the same period of previous FY and reached to USD 10555.”

The Minister raised concern on the macroeconomic risks facing the Indian economy which have increased during the last six months, mainly on the dimensions of sliding domestic growth, rising input cost and slowdown in manufacturing and employment generation.

Chairman AEPC Mr. Uppal asked to provide more concessions by raising the limit of 5 to 10 % and from 10 to 20 % for small and medium industries respectively. Apparel sector alone engages around 11.2 million workers and contributes almost 50 % of the entire textiles exports, it has the latent potential to absorb more people, therefore focusing on this sector is extremely important.

Dr. Rao in his speech underlined, “I am very happy that the 4th Tex Trends India is expected to do brisk business. I would urge AEPC to target more buyers from the countries where markets have not been tapped so far. I would also appeal to all exhibitors to innovate and bring more new styles in garments so that the interests of our buyers remain with us.”

Smt. Chatterji, Secretary Textiles, in her address informed that, “Not only have the traditional market such as USA & EU grown but, the non- traditional markets also have grown during April-September 2013.

"EU is the top most RMG export destination of India with US $ 2794.1 million, followed by USA where exports from India were to the tune of US$ 1642.5 million, West Asia is the third largest regional apparel export destination of India with US$ 1270.8 million, India’s exports to Africa was to the tune of US $ 311.3 million. It is important for us to understand the opportunities available and its importance to fulfill our needs which can help us realize the true potential of the apparel exports in India.”

She further observed, Tex Trends India 2014, will showcase futuristic fashions reflected in fine apparel and accessories for women, men and children with an exhaustive range of casual-wear, formal-wear, party-wear and sports-wear. The exhibition promises to be a vivid display of designs made from different kinds of fabric such as cotton, silk, linen, wool, denim, synthetic fibers and their blends. Nearly 400 reputed Export Houses of India will be a part of this grand exhibition.

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