India’s apparel exports are likely to exceed US$17 billion in the 2014-2015 fiscal year, according to a report by the Garment Manufacturers Association of India (CMAI).
Premal Udani, chairman of the board of directors, held a press conference to announce the 59th National Apparel Expo. At the meeting, he said that India’s overall textile exports in fiscal 2014 were US$32 billion and clothing exports were US$15 billion, the Economic Times quoted PTI . India’s apparel industry is doing very well, and CMAI expects the country’s apparel exports to grow 15% year-on-year and exceed the $17 billion mark.
He said that the United States and Europe are the main markets for Indian clothing, and these markets consume about 80% of exports. However, the industry is eyeing new markets such as Latin America and Japan to overcome slow economic growth in traditional Western markets.
For apparel exporters, the rising exchange rate of the Indian rupee against the US dollar is a matter of concern as it reduces the competitiveness of Indian products. However, CMAI wants the exchange rate to remain around 60 rupees per dollar, Mr. Udani said
