Synthetic textiles exports seen at Rs 25,000 crore

The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) expects exports of synthetics from the country to reach Rs 25,000 crore by 2010.

"Exports of synthetics will be in the region of Rs 10,500 crore in the current financial year. With the quotas having expired, there is a huge opportunity for exporters. Even by conservative estimates, exports will grow by 20 per cent each year. India's exports of synthetic textiles would be in the region of Rs 25,000 crore by the year 2010," Rakesh Mehra, chairman, SRTEPC said. He was in the city to attend an exhibition by the Council.

"The synthetics sector is growing very rapidly. Today synthetics constitute nearly 60 per cent of the total global textiles' production. India contributes just 2 per cent of the total synthetics exports, but, with the quotas gone, there is a huge opportunity. We are extremely confident that India would double its contribution in the next five years," he said.

Mehra said: "The synthetics manufactured in India are world-class, but there is always scope for improvement. We have to become the best, if we want to capture the world market."

Praising the central government, Mehra said: "The government is very serious about promoting exports of synthetics. Though it is co-operative, it could help us by removing a few problems for up."

"The government should effect certain policy changes, including the one related to tax reimbursement. We have been constantly telling the government that we export goods and not taxes. Hence it should change the policies and ensure that all the taxes paid by exporters on exported goods should be reimbursed. We have also sought reduction in customs and excise duties," he explained.

Mehra also had a word of advice for exporters. "The exporters should survey the international market to find out what the end customer wants. This will enable them make necessary modifications, so that they can cater better to the international market. The exporters will also have to increase competitiveness in all segments, be it productivity, quality, efficiency or pricing. There is no dearth or resources, and once this happens, there is no doubt that India will become a major player at the global level," he added.