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Tirupur Textile Exports To Reach Record Rs 30,000 Crore In FY20; US-China Trade War Turning Buyers To India
India textile factory workers. (Wikimedia Commons)
Textile exports will continue to be a bright spot in India's international trade for the current financial year (FY20) with industry projections pegging knitwear exports from Tirupur (Tamilnadu) at a record Rs 30,000 crore, reports Press Trust of India (PTI).
According to a leading exporter and chairman of India International Knit Fair (IKF) A Shaktivel, this year's exports will top last year's (FY19) figure of Rs 26,300 crore.
In FY19, exports grew at an impressive 8.3 per cent rate , and the association's overall business crossed half a trillion rupee mark with domestic sales contributing Rs 24,000 crores.
Shaktivel on Wednesday (8 May) stated that exports during April (2019) have already crossed Rs 4,400 crore "which is a very encouraging sign."
"Besides, India now has an advantage after the United States (US) imposed tariffs on some products made in China, as many buyers and manufacturers were approaching India for textile products," he added.
According to the Tirupur Exporters Association(TEA) president Raja M Shanmugam, Tirupur's total textile business will reach an unprecedented Rs 60,000 crore mark (domestic and exports) this fiscal year (FY20).
Shanmugam also said that the association is aiming at Rs 1 lakh crore turnover at the stroke of 2022.
India's overall textile exports for the FY19 stood at Rs 1,12,715 crore, recording a growth rate of 4.7 per cent over the previous FY's performance valued at Rs 1,07,679 crore.
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