: Apparels of manmade fibre present 20 Bn dollar opportunity for India #FinanceIndia #StockMarketNEWS Apparels of manmade fibre present 20 Bn dollar opportunity for India New Delhi, Mar 10 (KNN) Buying

@StockMarketNEWS Fri 12 Mar, 2021

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Apparels of manmade fibre present 20 Bn dollar opportunity for India #FinanceIndia #StockMarketNEWS
Apparels of manmade fibre present 20 Bn dollar opportunity for India New Delhi, Mar 10 (KNN) Buying houses believe that Indian manmade fibre (MMF) garment exporters can aspire to grab 20 billion dollars business in global MMF garment trade even as the domestic apparel industry works at resolving its limitations.

This was among the key takeaways from a virtual B2B meeting on ‘Improving MMF Fabric Options for Indian Apparel Exporters’ held between MMF garment exporters, buying houses and fabric suppliers organized by Apparel Export Promotion Council (AEPC) on Tuesday.

“MMF globally is a 200 billion dollars opportunity. If we come together as a country and create a supply chain that starts with design, product development, fabric development, and, of course, garmenting, we can target 10 per cent of the 200 billion dollars. We are talking of a 20 billion dollars opportunity sitting right there,” said Sanjay Shukla from Triburg Apparel.

Other buying houses like Impulse also shared that there was a huge opportunity for MMF garments and that they have already identified major buyers and markets, and will make sure that MMF garments from India get more importance.

AEPC Chairman Dr A Sakthivel said that the MMF garment industry in India is poised for fast growth as the government has agreed to promote the sector.

“The government has announced Production Linked Incentive (PLI) scheme for MMF segment and creation of seven mega textile parks in the country. These measures will increase production and export of MMF garments from India,” he said, adding that the AEPC has created a separate cell to promote MMF garments.

Speaking at the meeting attended and actively participated by about 100 major players from the three key segments, MMF garment exporters said that while they have huge orders they found it difficult to get proper fabrics, and were forced to import these.

They said that long delivery time and issues of quality consistency of MMF fabric were the main constraints in increasing apparel exports from India. The country has sufficient supply of MMF fibre and yarn, but is in short supply of quality fabric.

Replying to the concerns of the exporters in the meeting that held three sessions, fabric producers assured that they have ample machinery and technology to produce fabric of international standard, and that they are already supplying to the exporters in a big way. They said that the exporters need to ask for their needs and they will facilitate.

Ajay Sardana from Birla Group of Companies said that his company, which is mainly into viscose staple fibre (VSF), will do everything possible to produce all types of viscose fabric, and that he has got a special team to take care of exporters’ needs.