New Delhi: The apparel industry should aim at exports of USD 60 billion in the next three years as there are visible signs of revival in key markets of the US and Europe, Textiles Minister K Sambasiva Rao said Tuesday.
"Signs of revival are visible in the US and EU. Let’s keep a high target in the next year. The industry shall try to reach USD 60 billion in the next three years," he said while speaking at the Apparel Export Promotion Council's annual export award function in Gurgaon near here.
The European Union (EU) and the US are the biggest markets for Indian textiles sector.
During April-October, 2013, apparel exports grew by 15.5 percent to USD 8.2 billion.
Exports are expected to touch USD 17 billion during the fiscal.
The Minister also said that there is a need explore non-traditional markets like Israel, Russia, Brazil and Japan.
The new markets should be perceived as a new growth opportunity.
Rao also said that during the 12th Five Year Plan, increasing domestic value addition, training of 35 lakh persons, creating employment to lakhs of people are the key priorities.
Speaking on the occasion, Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said the industry would work hard in the direction of achieving higher export growth for the sector.
The apparel sector has earned Rs 49,200 crore forex in April-October 2013, showing a growth of 26 percent over the same period during year 2012. In dollar terms, the growth is 15.5 percent (USD 8.2 billion) during the same period. I am confident that we are on the road to recovery," Rao said at the AEPC event.
Besides, AEPC Chairman A Sakthivel raised the request of apparel exporters for 5 percent Duty Credit Scrip for import of those fabrics which are not widely available in India, a measure likely to boost exports from the country.
"At such a time, when buyers are forced to divert orders from China and Bangladesh, we need this urgently," Sakthivel said.