Business

Apparel Exports Likely To Register 40% Growth This Fiscal: AEPC

India's apparel exports are likely to register a growth of 40% to US$ 22 billion during the current financial year. Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said, "We are working with a target to achieve a 40% increase in apparel exports this financial year with major focus on new medical textiles." This will take the total apparel exports up from US$ 15.4 billion last fiscal to about US$ 22 billion in 2020-21, he said while addressing the members at 41st Annual General Meeting of the Council. He added that India's free trade agreement (FTA) with the US would help promote shipments in that country. "FTA with USA, the UK and the EU along with CEPA (Comprehensive Economic Partnership Agreement) with Australia and Canada can help double apparel exports in three years," he said. Further, he said there is a need to quickly engage in product diversification into MMF to push the growth of the sector. "MMF is the key to increasing India's textile exports to the global market. This would need extensive R&D (research and development) into the various fibre base, technologies, processing and sample development. "For facilitating R&D into these activities, the Council is setting up a dedicated centre at its head office in Gurugram," he said. Further, the chairman said the council would organise virtual trade fairs and exhibitions as lockdowns in many countries have impacted international trade, disrupted global value chains and restricted physical movement. "The objective is to reach out to audiences across segments, irrespective of geographical boundaries and develop personalised connect with buyers," Sakthivel said. He added that this is aimed at micro, small and medium enterprises who would otherwise not be able to access international buyers during these trying times. "We have initiated dialogues with virtual fair platform agencies."