India’s Textile Exports Expected To Increase By 40 Percent

India’s textile exports expected to increase by 40 percent in the current fiscal, more focus on the medical sector. To further boost exports, AEPC called for the need to emphasize the creation of MMF (Man-Made Fiber).

In the current financial year, India’s textile industry is expected to increase by 40 percent. Apparel Export Promotion Council (AEPC) Chairman A. Shaktivel said that textile exports are expected to reach $ 22 billion (about Rs 1.6 lakh crore) this year compared to the previous financial year. In 2019-20 it was at a level of $ 15.4 billion (about Rs 1.1 lakh crore).

Shaktivel gave this information on Thursday during the annual general meeting of AEPC. He said that the estimated figure is in line with the target. Presently, in the global demand, the emphasis is on the clothing business related to the medical sector.

The Free Trade Agreement (FTA) with the US will prove to be helpful in increasing trade. “Apart from the US, textile exports through the FTA with Britain and European Union and CEPA with Australia and Canada could double in the next three years,” he said.

To further boost exports, AEPC called for the need to emphasize the creation of MMF (Man-Made Fiber). Shaktivel described MFF as a major component of the spectacular growth of Indian exports globally. AEPC is also preparing to organize a virtual trade fair in view of Corona to provide a bigger platform for Indian businesses.

Meanwhile

The Center and the states, which are facing financial crisis due to huge reduction in revenue collection, can get relief on fiscal deficit. This relief will be about achieving the fiscal deficit target. In the coming days, the ratio of debt to fiscal deficit and GDP can be targeted in a range.

That is, the target of fiscal deficit can be set between 3.5 and 5 percent rather than 3 percent. This will be similar to the way the RBI sets the inflation target for the country. This information was given by the chairman of the 15th Finance Commission, NK Singh. The Commission’s report is expected to come in October which will be for the years 2021-22 to 2025-26.