Garment exports likely to register 15-18 per cent growth in FY 18

Posted by Daily Shipping Times on 12-07-2017        Tweet

MUMBAI: India’s garment exports are expected to register a 15-18 per cent growth in FY 18 as against USD 17 billion registered last year, a Senior Government official said here. “We have clocked 18 per cent growth in garment exports since January 2017 and we hope that similar trend may continue for remaining period this year. Last year our garment exports stood at USD 17 billion,” Textile Commissioner Kavita Gupta said. She was speaking after inaugurating the 65th national garment fair here.

“Rebates on State levies have been introduced to encourage exports. There is an additional 10 per cent subsidy for the garment and made up segments, which means the home textile industry will effectively get 25 per cent capital investment subsidy on new machines they bring in, leading to efficiency and modernisation of the sector,” said Gupta. Subsidies have proved be very beneficial for the sector and led to increase in employment and attracted huge investments, she said. The textile industry needs to utilise 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 our traditional markets of US and Europe, Gupta said.