Indian Textile Minister Piyush Goyal has said that he has set a modest target for apparel sector, which is to double the production and triple the exports, so the 15 percent growth is achievable. He further said that the government is helping the industry with cheaper credit, loan in foreign currency, building the cluster for infra development and RoDTEP and ROSL for tax reimbursement, among other things.
The Government of India is also providing better law and order for smoothly carrying forward business operations, Minister Goyal said while delivering his speech at the inauguration of the 67th India International Garment Fair (IIGF).
The Minister said: “I am amazed to see the size and scale of apparel industry in Noida. I am told that 10 lakh people have engaged in this 35-crore industry. I compliment all of you for the good work. Together we have to take this industry from current to next level. Apparel, fashion jewellery and MICE are the industry where India has to grow.”
Talking about the recently held WTO meet, Minister Goyal said that India took the leadership role at WTO to become the voice of the marginalise and developing nations. WTO and multilateralism became relevant again and this was possible because of India’s efforts and the support of other nations. “All countries are eager to make friendship with India, as we offer huge opportunities and promise. We are moving ahead on FTA with Canada, EU, UK and Australia. Even GCC and Israel along with Eurasia and Brazil have shown their interest to forge FTA with India. I am hopeful that by Diwali, India-UK FTA will be concluded,” he said.
Naren Goenka, Chairman of AEPC, said in his inaugural address: “IIGF provides a direct marketing platform to MSME exporters from across the country bringing together almost 500 exhibitors and more than 2,000 overseas buyers and buying agents. It is the biggest platform in Asia under one roof wherein Micro, Small and Medium Enterprises (MSME) showcase latest garment and fashion accessories trends to the world and begin the order booking process.
“The global apparel market, which was just under $1.5 trillion in 2013, is expected to generate revenues to the tune of $1.8 trillion in 2022 and $1.9 trillion in 2025 before it closes to $2 trillion in 2026. India offers to the world a complete value chain solution from farm to fashion giving us a competitive edge by shortened lead times to reach our buyers.”
Over 1,189 international buyers from 59 countries have registered to participate in the 67th IIGF. Buyers from countries like the US, Brazil, Japan, UK, Spain, Australia, Poland, Colombia, Greece, Italy, Egypt, Chile, Argentina, UAE, Thailand, France, Germany, Canada, Iran, etc are participating in the fair.
