AEPC positive over apparel exports crossing $30 bn in next 3 yrs

India’s apparel exports likely to touch more than $30 billion in the next three years, according to industry body AEPC as the government’s future-oriented initiatives to modernize the country’s textile sector will help push apparel sector.

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

AEPC Chairman Ashok Rajani said that they have an ambitious target for export and job creation in the next three years. The industry is poised to grow in 2017 but have the potential of exceeding the expectation of achieving the $30 billion mark in next three years for apparel exports which currently stands at around $17 billion annually.

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, Rajani said that temporarily, they are facing a lot of pain as their workers are having difficulties opening bank accounts and migrant workers from their principal centres from Delhi, Tirupur and Karnataka are going back to their villages.

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