MUMBAI: The readymade garment industry aims to achieve Rs 80,000 crore in exports in 2013-14, an 8-10 per cent growth from last year's levels.
"We expect 8-10 per cent growth in readymade garment exports in FY 2014 to Rs 80,000 crore (USD 17 billion). Due to the weakness of Indian rupee, our exports are expected to rise further in rupee term," Clothing Manufacturers Association of India(CMAI) President Rahul Mehta told PTI here.
Competitor countries like Bangladesh and China are facing labour problems. China is slowly moving out from the labour intensive garment industry and moving towards high-tech and sophisticated products. The present garment exports of China is approximately 10 times more than India. So, even if 10 percent of China exports get diverted to India, Indian apparel exports could double, Mehta said.
Further, the talks on FTA (Free Trade Agreement) between India and Europe have been going on for the last three years and are likely to be finalised in near future. If the Indo-EU FTA happens, it would provide duty free access to Indian garments in Europe, giving a huge boost to the Indian apparel industry, he said.
The industry is now exploring markets of Japan, Middle East and South America which have a huge potential for readymade garment exports, he said.
The onset of monsoon is expected to stabilise the raw material like cotton prices, which will boost the industry, Mehta said.
Commenting on the domestic market, he said, the association expects that the size of the Indian domestic readymade garment industry will double within 5 years due to economic prosperity, simplified government policy, growth in fashion orientation, brand awareness and consumer expectations.