"China has started moving out of the apparel sector and there is a huge opportunity for India. Today the wages in China are 2-3 times that of India and given the aging population of China, the cost of apparel manufacturing will continue to rise there. In such a scenario, the global suppliers will start looking at other avenues for sourcing. Countries like Bangladesh and Vietnam are having preferential access in European markets and hence it is extremely important that we get the FTA with Europe ratified at the earliest. As far as Indian apparel exports are concerned, India is heavily reliant on cotton and we need to see how we can move to man-made fibres which can help us to garner more global share. There has been a reduction in the benefits of the Industry post GST roll out and we are looking at ways through which we could bring it at par with the rates prevalent in the previous regime. For the benefit of the industry central and state levies should be refunded and government will work with the industry to resolve this issue," said Amitabh Kant CEO, NITI Aayog, during the celebration at AEPC head office in Gurgaon.
"AEPC’s well-timed initiatives and confidence to take calculated risks, braving all odds, perceptible across all circumstances, is the key fuel for the India's apparel export growth. As India is gearing up to move towards WTO-compatible, production-based subsidies from export-based subsidies, it becomes extremely important that we position India strongly as a responsible sourcing destination. At the UP Investor’s summit, we have signed a MoU with UP government to construct an apparel city in 200 acres on Yamuna Expressway. With AEPC's capability and initiatives, and continued understanding and support of the government, India's apparel exports are sure to grow from strength to strength while providing international buyers with most superior solutions in fashion and apparel," said HKL Magu, chairman, AEPC. (RR)
Fibre2Fashion News Desk – India
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