India's textile and apparel exports are expected to touch $50 billion this fiscal. Elaborate marketing plans have been devised to boost exports. While hope is that key markets like Europe and US will continue to grow, India is also looking at exploring new markets such as Iran, Russia and South America to expand reach and diversify products. With the opening of new markets, the country is hopeful of achieving its export targets.
India is ready to capitalise China’s falling share in textile exports in international market. China’s market share has slipped to 38 per cent from 40 per cent due to the high wage rate and its entry into high-end tech products. The industry hopes free trade agreements with EU, Australia and Canada are finalized and that a concessional tariff with China is negotiated in order to protect domestic suppliers.
India exports $10 billion worth of textiles and apparels to the European Union of which nearly 23 per cent goes to Britain. With Britain’s exit from the EU, Indian exporters hope to enter into a preferential trade agreement with Britain. A Rs 6000 crores package has been approved for the sector with an aim to create one crore new jobs in three years and attract investments of $11 billion while eyeing an additional $30 billion in exports.