NEW DELHI: India's apparel exports are likely to grow by 24 per cent to USD 16 billion in the current fiscal owing to rising demand in traditional markets like the US and Europe, Apparel Export Promotion Council (AEPC) said today.
In the 2012-13 fiscal, these exports stood at USD 12.9 billion, according to data provided by the council.
"In the first three months of this fiscal, garment exports have shown a growth of about 11 per cent. If we keep growing at the same pace, we expect these exports to touch USD 16 billion in 2013-14," AEPC Chairman A Sakthivel said.
The US and Europe together account for over 65 per cent of the country's total apparel exports.
During April-June 2013-14, garment exports grew 11.1 per cent year-on-year to USD 3.5 billion.
Recently, the council has written to Finance Minister P Chidambaram urging him to reintroduce the facility under which exporters can avail loans at a lower interest rate of 7.5 per cent.
Exporters say they get loans at a interest rate of over 12 per cent.
"The Reserve Bank has announced the credit policy. However, garment exporters were expecting lowering of rate, which has not been announced," AEPC said.