Textile exports set to touch $50 bn mark this fiscal

It is estimated that the textile exports are set to cross $50 bn mark in the current fiscal.According to Textiles Minister Santosh Kumar Gangwar, the country is moving to second position from fourth last year and it hopes to achieve $50 bn turnover this year. Inaugurating the 59th National Garment Fair organised by the Clothing Manufacturers Association of India (CMAI) in Mumbai, Gangwar said, after agriculture, textiles has huge potential in creating employment, besides exports, to vulnerable sections of the society.He called for labour reforms to cater to the needs of the unorganized labour in the textile industry and proposed to set up about 30 textile parks and also couple of mega clusters. 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.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.