Textiles exports may remain flat at $40 billion in FY16 (India)

The country's overall exports of textiles and clothing may stand at $40 billion in 2015-16, similar to last year's level, a senior official said here.

"We see slowdown in China as an opportunity for us and we are looking at $40 billion of textiles exports this year. To overcome global slowdown, the Textile Ministry will give full support to the industry," Textile Commissioner Kavita Gupta told reporters.

She was speaking after inaugurating the 62nd National Garment Fair organised by the Clothing Manufacturers Association of India (CMAI).

The country's overall exports of textiles and clothing stood at $41.4 billion in 2014-15 and $39.31 billion in 2013-14.

"We see slowdown in China as an opportunity and not as a challenge for Indian textile exports. We need to act fast in seizing opportunity. We need to promote every segment as we are loosing out to Bangladesh and Vietnam," Gupta said.

Commenting on the new textile policy, Gupta said the draft is ready.

Gupta said that with 13 per cent share, technical textiles is emerging as a sunrise sector.

The technical textiles industry is projected to grow at 20 per cent year-on-year and the segment's potential is largely untapped in the country, she added.

CMAI President Rahul Mehta said exports of ready-made garments is expected to reach $17 billion (about Rs 1,12,000 crore) in 2015-16 as against $16 billion in the previous year.

The domestic apparel industry is facing slackness but sentiment is likely to improve after the implementation of GST, he said.

The country's exports to South America, Eastern Europe and Middle East have increased significantly, Mehta said, but added that uncertainty still prevails in Europe, which is a major market.