Millennium Post

Raise apparel exports target to $20 bn this fiscal: Minister

Assuring full support to the industry, Textiles Minister K Sambasiva Rao on Monday asked apparel exporters to step up their overseas sales target to $20 billion in 2013-14.

Rao’s goal is 55 per cent higher than last year’s textile exports. The Apparel Export Promotion Council (AEPC) recently raised its export target for 2013-14 to $17.5 billion.

‘Apparel exporters have told me they can increase their exports from about $14 billion to $17.5 billion in the current fiscal,’ he said after inaugurating the India International Garment Fair, in which over 350 exhibitors are participating.Rao said he had higher goals for apparel exports.

‘You assure me that you are going to increase the exports -- not from $14 billion to $17.5 billion this year, but to $20 billion,’ he said. ‘Whatever funds will be required, I will talk to Prime Minister Manmohan Singh for the same.’

India’s apparel exports declined by over 5 per cent to $12.9 billion in 2012-13 due to sluggish demand in western markets. The US and Europe, which together account for over 65 per cent of the country’s apparel exports, have been facing weak economic growth.To project their capabilities in existing markets and to explore new markets, exporters want government support, including customs duty reduction on synthetic fabrics, adequate availability of credit at affordable rates and additional resources under the Market Development Assistance (MDA) and Market Assistance Initiative (MAI) schemes.
Agencies

Agencies

Our contributor helps bringing the latest updates to you


Share it
Top