Garment Exports from India to touch $50 Billion in FY-17

Garment Exports from India to touch $50 Billion in FY-17

July 06, 2016
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To support garment exporters in India, Indian Government helped exporters in India with special packages and marketing plans which in turn helped Indian exporters to achieve USD 30 billion in the year the financial year of 2016 and it is expected to hit USD 50 billion dollars this FY17 although nation’s market share has slipped to 38 percent from 40 percent due to up going waging charges and industries decision to improve by incorporating high end products for effective production.To boost garment exports from India, The Union cabinet gave an approval to INR 6000 Crore aiming the creation of one crore jobs in the next three years. This move is seen as the gateway of bringing in investment worth USD 11 Billion. It directly syndicates the support to garment exports from India as the many useful and considerable marketing plans and special packages will not only help meeting numbers but also create a huge sum of employment.

It directly relates to recent Ernst & Young reports that the textile industry as a vehicle for job creation for inclusive growth.
Textile Secretary Rashmi said on the sidelines of Texprocil Metting ” The government has announced a special package and taking elaborate marketing plans to boost exports. We are hopeful of achieving USD 50 billion in exports in the current fiscal as compared to USD 38 billion exports last year”
Rashmi also said that India’s key markets Europe and the US will continue to grow. We are also looking at exploring new markets such as Iran, Russia, and South America to expand the reach and diversify products. With the opening of new markets, we are hopeful to achieve our export targets & India is ready to capitalise on falling share of China in textile exports in the international market. “
Rashmi also commented on Brexit that India export over $10 Billion to Europe where in the yester years 23% equating to $2.5 Billion was to Britain. India is focusing over a possible PTA as this is the right time to negotiate its terms.

It was the interest of everyone and it was the same said by TEXPROCIL Chairman RK Dalmia that it is a great time to finalise Free Trade Agreement’s with EU, Australia & Canada in addition to negotiating concessional tariff with China to protect domestic suppliers.
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