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India targeting $50 billion textiles and apparel exports

04/07/2016
India is hoping to achieve textile and apparel exports of $50 billion in the 2017 fiscal year, according to textile secretary Rashmi Verma. He was speaking at an event in Mumbai, where we expressed his belief that India can up its textile and apparel exports from the $38 billion recorded in the last fiscal year.

"We are hopeful that our key markets like Europe and US will continue to grow,” he said, adding that the country would explore other markets like Iran, Russia and South America to “expand reach and diversify products”.

Mr Verma also backed India to capitalise on China’s falling share in global textile exports, which has dropped from 40% to 38% due to wage increases in the country.

Discussing the UK’s exit from the European Union (EU), Mr Verma said that India wanted to agree a preferential trade agreement (PTA) with the country because exports to the country are valued at nearly $2.5 billion.

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