New Delhi (IANS) Apparel Export Promotion Council (AEPC) Chairman A. Sakthivel, on Thursday said the apparel exports from the country is likely to expand by about 40 per cent in the current financial year.
Addressing the 41st Annual General Meeting of the industry body through a video conference, the Chairman said: "We are working with a target to achieve a 40 per cent increase in apparel exports this financial year with major focus on new medical textiles. This will take our total apparel exports up from $15.4 billion last fiscal to about $22 billion in 2020-21."
Sakthivel was of the view that although Covid-19 is the most disruptive health crisis in modern human history, India and the world will achieve faster progress and new quality of development post-Covid as "every adversity presents multiple new opportunities".
During the address, he thanked Union Minister of Textiles, Smriti Zubin Irani for taking several initiatives to help the industry.
Besides urging international buyers to do 'commerce with compassion' and honour their export orders, the minister facilitated the apparel Industry's foray into production of personal protective equipment (PPE) making India the second largest producer of medical textiles within a short span of a few months since the outbreak of coronavirus, he added.
He further said: "The need of the hour is to quickly engage in product diversification into MMF. We plan to sign MoUs with a number of MMF (Man Made Fibre) manufacturers, including Reliance Industries Ltd, to improve the sector. MMF is the key to increasing India's textile exports to the global market."