Garment exports to cross $40 billion in current fiscal: Prem Malik

COIMBATORE: The textile industry is confident of achieving good growth and exports to cross $40 billion in the current fiscal, Prem Malik, Chairman, Confederation of Indian Textile Industry, today said.

Garment exports are rowing at around 16 per cent year-on- year and export of other textile products increasing by 11 to 13 per cent and entire textile exports expected to grow by 18 per cent year-on-year, Malik said.

He was here to attend the eighth edition of 'TexFair 2013', a four-day Textile machinery, accessories and spares exhibition organised by Southern India Mills' Association.

Stating that the European Union was the largest market for Indian textile exports, he said "there is going to be some impact, due to the EU decision to remove sops for Indian exports, and the level of acceleration in growth would be affected."

"We have requested the government to take it up with EU (authorities)," he said, adding that the country has a competitive advantage in several product categories and has work systems that are more acceptable to customers.

A Shaktivel, Chairman, Apparel Export Promotion Council, who was also present at the event, said the volumes were growing and the per unit realisation is also increasing.

Apparel exports increased 15.5 per cent year-on-year to $8.26 billion in April-Oct and the jump was even higher in rupee terms, he claimed.

Even as the Textiles Ministry has set an ambitious target of $50 billion for textile exports in this fiscal as against $34 billion in 2012-13, India can achieve faster exports growth as China was increasingly becoming expensive and Bangladesh facing a host of problems, especially in complying with benchmarks set by buyers, Malik said.