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India to hit $7 bn in MMF textiles exports in 2020: SRTEPC

Exports of Indian man-made fibre (MMF) textiles is expected to reach $7 billion by the end of fiscal 2020-21, witnessing a growth of at least 10 per cent from the current level, according to Ronak Rughani, chairman of the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC), which is optimistic about a further momentum in the sector this fiscal.

Though the present trend of total MMF textiles exports from India is not encouraging, exports in value-added segments like fabrics witnessed nearly 8 per cent growth during April-October period in 2019-20 as compared to the same period in the previous fiscal, the council said in a press release.

SRTEPC has prepared a20-point strategy for the development of MMF fibre textile segment. The points include bringing in fibre neutrality, lowering interest rates, making raw materials to be made available at international price, considering textile job work as manufacturing in the goods and services tax regime, considering textile merchant exporters as a manufacturer exporter, branding and WTO-compatible schemes.

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