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India’s garment exports likely to register 15-18 pc growth in FY 18

YarnsandFibers News Bureau 2017-07-11 10:00:00 – Mumbai

India’s garment exports have clocked 18 percent growth since January 2017 and hoping that similar trend will continue for the remaining period this year, it is likely to register a 15-18 percent growth in FY 18 as against last year garment exports stood at US $17 billion.

Textile Commissioner Kavita Gupta speaking after inaugurating the 65th national garment fair held in Mumbai said that rebates on state levies have been introduced to encourage exports. There is an additional 10 percent subsidy for the garment and made up segments, which means the home textile industry will effectively get 25 percent capital investment subsidy on new machines they bring in, leading to efficiency and modernisation of the sector.

She further said that subsidies have proved be very beneficial for the sector and led to increase in employment and attracted huge investments.

The textile industry needs to utilize the various schemes launched by the government for the benefit of customers, the commissioner added.

The industry is looking at entering into CIS, Africa and Far East markets to increase garment exports, apart from their traditional markets of US and Europe.

To showcase business opportunity, Clothing Manufacturers Association of India (CMAI) has organized three-day national garment fair, the largest apparel trade show in Mumbai.

The B2B fair will be spread over approximately 6 lakh square feet, covering all the halls at the Bombay Exhibition Centre.

CMAI President Rahul Mehta said that they hope to generate 10 percent increase in trade at Rs 750 crore from this fair, which will have 881 stalls displaying 1005 brands by 822 exhibitors.

Mehta, welcoming the GST said the government needs to reduce the GST applicable on job work for garments and made ups from 18 per cent to 5 percent or else it would be a major blow to the small manufacturers.

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