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Textile exports likely to remain flat in FY 16
28
Jan '16
The current fiscal is unlikely to bring cheer to India's textile and garment exporters with exports projected to remain flat. India's overall exports of textiles and clothing in 2015-16 are likely to be around $ 40 billion, similar to last year's level at $ 41.4 billion in 2014-15 and $39.31 billion in 2013-14.

"We see slowdown in China as an opportunity for us and we are looking at USD 40 billion of textiles exports this year. To overcome global slowdown, the Textile Ministry will give full support to the industry," Textile Commissioner Kavita Gupta told reporters after inaugurating the 62nd National Garment Fair organised by the Clothing Manufacturers Association of India (CMAI) in Mumbai.

Gupta said that the slowdown in China needed to be viewed as an opportunity and not as a challenge for Indian textile exports. “We need to act fast in seizing the opportunity,” she said pointing to Bangladesh and Vietnam as stiff rivals in the global market: “We need to promote every segment as we are losing out to Bangladesh and Vietnam."

Technical textiles sector, with 13 per cent share, is emerging as a sunrise sector. It is projected to grow at 20 per cent year-on-year and the segment's potential is largely untapped in the country, the textile commissioner said adding that the draft of the new textile policy is ready.

CMAI President Rahul Mehta said exports of ready-made garments is expected to reach $17 billion (about Rs 1,12,000 crore) in 2015-16 as against $ 16 billion in the previous year. Indian exports to South America, Eastern Europe and Middle East have increased significantly, but uncertainty still prevails in Europe, which is a major market, he said.

The domestic apparel industry is facing slackness but sentiment is likely to improve after the implementation of GST, Mehta said. (SH)

Fibre2Fashion News Desk - India

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