Santosh Kumar Gangwar India's textiles minister while inaugurating the 59th National Garment Fair (NGF), organised by the Clothing Manufacturers' Association of India in Mumbai stated that textile has huge potential and there will be everything in place to improve its exports.
The 59th NGF is India's biggest apparel trade show with 730 brands on display and is expected to generate a business of around Rs 500 crore.
The minister also said that the government was preparing a blueprint for the holistic development of textile sector and would also address issues like rationalization of tariff aligning with countries through various measures. He also highlighted the need for technology upgradation, efficient infrastructure and apt skill development for boosting textile exports.
At an interactive session with the minister, leaders of textile industry raised issues of the wide fluctuation in prices of raw materials, anomaly in duty structure, inadequate availability of working capital and quality of power supply. They also urged for continuation of the Technology Upgradation Fund Scheme without interruption and sought common benefits for exports to China.
In 2013-14, despite recessionary environment in global markets, India managed to up its textile exports from US$33 billion to US$40.2 billion. It now ranks second to China in global textiles exports surpassing Germany and Italy recently. This was possible by focusing on markets beyond the US and European Union and other policy initiatives.
Gangwar noted that over 50 percent of the exports revenue comes from the apparel and clothing segment which indicates that India is gradually shifting from exporting low-value added products to high-value added goods.
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