India’s textiles and apparel exports are expected to touch $50 billion mark this fiscal from $38 billion in FY16 on the back of the government’s special package and marketing plans for textiles and apparels, according to a senior official. Last week, the Union Cabinet approved a Rs 6,000-crore package for the sector with an aim to create one crore new jobs in three years and attract investments of $11 billion while eyeing additional $30 billion in exports. “The government has announced a special package and taking elaborate marketing plans to boost exports. We are hopeful of achieving $50 billion in exports in the current fiscal as compared to $38 billion exports last year,” Textile Secretary Rashmi Verma told reporters in Mumbai on the sidelines of a meeting of industry body Texprocil. “We are hopeful that our key markets like Europe and US will continue to grow. We are also looking at exploring new markets such as Iran, Russia and South America to expand reach and diversify products. With the opening of new markets, we are hopeful to achieve our export targets.” Verma said the country is ready to make the most of China’s falling share in textile exports in the international market. China’s market share has slipped to 38 per cent from 40 per cent due to high wages and its entry into high-end tech products. Commenting on Britain’s exit from the EU, Verma said, “We export $10 billion worth of textiles and apparels to European Union of which nearly 23 per cent ($ 2.5 billion) goes to Britain.” “Now we are focusing on entering into PTA (preferential trade agreement) with Britain and it is right time to negotiate its terms.” The draft of new textile policy is ready and the package announced last week was a part of it. The policy will go to the Cabinet next month for approval, Verma said.
