Source: The Economic Times, Oct 23, 2016
NEW DELHI: Government plans to conduct roadshows to promote the country’s textiles in non-traditional markets like Russia, South America and select countries in West Asia, at a time when shipments from the sector have been declining.
Textile exports from India remained flat in 2015-16 at $40 billion as compared to $41.4 billion in the previous year.
Moreover, Indian textile and apparel exports have been losing their competitive edge to countries like Bangladesh and Vietnam in recent years.
“We are eyeing non traditional markets like Russia, South America and some countries in West Asia which are relatively free from turmoil like Saudi Arabia, Kuwait, Qatar and the United Arab Emirates. We will hold roadshows to showcase Indian textiles in these markets,” a senior official told PTI.
However, China has also been gradually ceding ground due to rising labour costs, creating space for India in markets like Russia, which have been dependent on China for sourcing its textile and apparel needs.
“The roadshows will help attract FDI and create jobs in India. According to a World Bank report on apparel sector, international buyers are looking at economies which have the entire value chain. India is the only politically stable economy apart from China, which can offer that.At this juncture, the roadshows will provide an opportunity to capitalise on India’s potential in the sector,” Secretary General of the Confederation of Indian Textile Industry, Binoy Job said.
In June this year, Government approved a Rs 6,000 crore special package for textiles and apparel sector to create one crore new jobs in three years, attract investments of $11 billion and generate $30 billion in exports.
It is also readying a new National Textiles Policy, which aims to achieve $300 billion exports by 2024-25 and envisages creation of an additional 35 million jobs.