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SRTEPC: Synthetic textile exports rise significantly

Narain Aggarwal, Chairman, SRTEPC says synthetic and rayon textile exports during April- November 2017-18 recorded $ 3553 million in value terms when compared to $3309 million during the corresponding period of the previous year recording a growth of 7.37 per cent. Aggarwal said the Ministry of Textiles has set an ambitious export target of $7.53 billion for the current fiscal. The export target is estimated at about 20 per cent growth in 2017- 18 as against exports during 2016-17.

So far during April-November 2017, about 50 per cent of the export target has been achieved, however, due to uncertainties and challenges in the indirect taxation under the GST regime he is worried how the target would be achieved. No doubt in spite of various current odds and challenges the council members have been working hard and.

During 2016-17, SRTEPC chairman said synthetic and textile exporters could achieve an export turnover of $5.85 billion when compared to $5.79 billion in the previous year registering a decent growth of 1.5 per cent. Exports of fiber yarn and made-ups recorded growth of 8.49 per cent, 7.91 per cent and 3.27 per cent respectively whereas exports of fabrics fell by 7.59 per cent last year Narain said.

The Indian MMF textile industry has been severely impacted due to import of cheap fabrics mainly by traders who don’t actually use these imported fabrics. In this regard the council has represented to government to increase duties on imported fabrics. The government in October last year increased the effective duties on import of the Manmade fiber fabrics covered under chapters 54 55 and 60.