Mumbai: Textile exports are set to touch USD 50-billion mark in the current fiscal, Union Textiles Minister Santosh Kumar Gangwar said Monday.
"With 40 billion dollars in textile exports, the country has moved up to the second position from the fourth position last year, and we are hopeful of achieving USD 50 billion this year," Gangwar told reporters after inaugurating the 59th National Garment Fair organised by the Clothing Manufacturers Association Of India (CMAI) here.
Textiles have tremendous potential, and the government will provide full support to improve our exports, he said, adding that the industry is also expected to generate a large number of employment opportunities.
"After the agriculture sector, the textiles sector has a huge potential of providing a large number of jobs to the vulnerable section of the society," Gangwar said.
Raising a pitch for reforms in the labour law, the Minister said he was concerned about the large number of unorganised labour in the textile industry.
"The textile ministry is keen to set up 25-30 textile parks and a couple of mega clusters for the development of the industry," Gangwar said.
CMAI President Rahul Mehta said that the three-day fair is expected to bring in a business of around Rs 500 crore, besides, many trade inquires are also expected to be generated, which would culminate into further business in near future.
"This B2B fair has 697 stalls displaying over 737 brands. Approximately 40,000 retailers from all over India are expected to visit here," he said.
Mehta said that the domestic garment industry had been somewhat sluggish for the last couple of months. "However, with the government firmly in place and economic sentiments turning positive, I anticipate a return to growth rate of 12 to 15 percent in the coming months.
"Exports are seeing a buoyant phase after a long time and this should continue. I am expecting a good period of growth in the next 3 to 5 years," he said.
According to Mehta, the total size of Indian apparel industry is estimated to be around Rs 2,00,000 crore and is likely to double within the next five years.
"...Out of this, un-stitched garments like dhotis and sarees constitute Rs 50,000 crore. The size of the organised retail sector is around Rs 40,000 crore while the remaining Rs 1,10,000 crore is the size of un-organised sector," he said.
