NEW DELHI: Clothing Manufacturers Association of India (CMAI) hopes to achieve exports target of USD 18 billion for financial year 2015-16 from USD 16.8 billion in previous year.
We are hopeful of achieving exports target of USD 18 billion in FY16 due to an improving US economy.
In view of the infrastructure issues and rising labour costs in our competitive countries such as Bangladesh and China, the growth in the export sector looks brighter for India.
Our garment exports increased by 12.2 per cent to USD 16.8 billion in FY15,” Mehta told reporters here.
In rupee terms, the export was Rs 1.03 lakh crore in FY15 as against Rs 90,790 crore in the previous year.
The early signing of Free Trade Agreement (FTA) with European Union will help the country’s garment exports to double in European countries. The country will also become more competitive than Pakistan and Bangladesh, Mehta said.
The economic growth and good monsoon ahead is also expected to boost domestic garments industry. The country has witnessed 7-8 per cent growth in 2013 and 12 per cent in 2014.
