Business

Tirupur Industry May Achieve Rs 40k-Crore Export Target This Year: TEA President

The Tirupur-based knitweare industry in Tamil Nadu has set an ambitious goal of achieving a Rs 40,000-crore export target this year, Tirupur Exporters Association (TEA) President Raja M Shanmugam has stated.

He stated that it is possible to achieve the target despite a few challenges, adding that the industry fell short by Rs 4,000 crore of its export target of Rs 30,000 crore of last fiscal year because the international value of the UK pound fell by up to 25% due to Brexit. However, this year, the industry hopes to achieve an export target of Rs 40,000 crore, he stated.

He stated that Tirupur exports 50% of India’s knitwear, even as the domestic trade grew by five times during the last five years. The exponential growth happened because a conceptual change has occurred in the demand for dresses from conservative areas of the country.

He stated that the Tamil Nadu government has realised the importance of a textile policy only recently. He also stated that the government should create a textile policy which would take into account the infrastructure needed for welfare of textile labourers, including provisions for their accommodation, skill enhancement and transport.

To this effect, he stated that he has suggested the Tamil Nadu government to set up a Knitwear Development Board along the lines of the Coir Board, in order to address problems faced by the knitwear sector.