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India's apparel exports are likely to grow by 24% to $16 billion in the current fiscal owing to rising demand in traditional markets like the US and Europe, Apparel Export Promotion Council (AEPC) said today.
In the 2012-13 fiscal, these exports stood at $12.9 billion, according to data provided by the council.
"In the first three months of this fiscal, garment exports have shown a growth of about 11%. If we keep growing at the same pace, we expect these exports to touch $16 billion in 2013-14," AEPC Chairman A Sakthivel said.
The US and Europe together account for over 65% of the country's total apparel exports.
During April-June 2013-14, garment exports grew 11.1% year-on-year to $3.5 billion.
Recently, the council has written to Finance Minister P Chidambaram urging him to reintroduce the facility under which exporters can avail loans at a lower interest rate of 7.5%.
Exporters say they get loans at a interest rate of over 12%.
"The Reserve Bank has announced the credit policy. However, garment exporters were expecting lowering of rate, which has not been announced," AEPC said.
