AEPC confident that apparel exports could cross $30 bn in next three years

The Dollar Business Bureau

The government’s future-oriented initiatives to modernise the country’s textile sector will help push apparel exports to more than $30 billion in the next three years, industry body AEPC said.

Referring to the government’s Rs.6,000 cr special package announced in June for the textiles sector, Apparel Export Promotion Council said this move, along with innovative designs prowess will bring about a paradigm change for the industry.

"We have an ambitious target for export and job creation in the next three years. The industry is poised to grow in 2017. I am sure we will not only achieve the $30 billion mark in next three years for apparel exports, but have the potential of exceeding the expectation," AEPC Chairman Ashok Rajani said.

India’s apparel exports stood at around $17 billion annually.

Rajani said India has an immense talent pool and this industry can harness this resource to a maximum level.

Talking about a long-term positive impact of demonetisation on the industry, he said, “Temporarily, we are facing a lot of pain as our workers are having difficulties opening bank accounts and migrant workers from our principal centres from Delhi, Tirupur and Karnataka are going back to their villages."

Earlier this month, the textile body honoured the apparel exporters for their immense contribution in the country’s readymade garment exports and presented them with Export Awards.

India’s garment exports has been stagnant since last year, due to less-than-normal demand in the country’s key overseas markets including the US and EU. There has been, however, a slight pickup in the country’s garment exports, following the announcement of Rs.6000 crore special package for the industry.