Much room for higher Indian apparel exports to Mexico: Envoy ANI | Updated: Feb 17, 2021 14:10 IST
New Delhi [India], February 17 (ANI): The bilateral trade between India and Mexico is rising and there is huge potential for growth of Indian apparel exports to Mexico, said country s ambassador to MexicoManpreet Vohra.
Speaking at India-Mexico Synergies in Apparel and Textiles virtual meeting, organised by Apparel Export Promotion Council (AEPC) and Embassy of India, Mexico City, Mexico, on Tuesday evening, Vohra said the bilateral trade has grown 46 per cent to about USD 10 billion since 2014. Mexico is now India s largest trading partner in Latin America and the second-largest in entire America after the USA and having overtaken Canada and Brazil. Our trade is also fairly well balanced with only about USD 1 billion in India s favour, Vohra said.
Synopsis
Stakeholders from the textile sector, which remains one of the country’s key foreign exchange earning sectors, have also given thumbs up to the budget.
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Besides big players, the country’s MSME exporting firms have also welcomed the measures announced in the budget.
For Indian exporters who have been sailing against the rough tides for quite some time now, the Budget 2021 remains a mixed bag.
While the country’s exporting community hailed the specific policy measures to uplift business sentiments, it also flags missing gaps that needed speedy redressal.
It s noteworthy that India’s share in global merchandise exports currently stands at a paltry 1.67%. The industry body Confederation of Indian Industry (CII) in its Pre-Budget Memorandum 2021-22 had advocated the need for raising it to 5%. However, to achieve this ambitious target, the country certainly needs to improve its infrastructure and enhance its capacity utilisation.
Textile industry pins high hopes on Union budget
The council has also sought procedural simplification by Tax Collected at Source (TCS) and concessional tax regime (CTR) for expansion to boost investment in the sector.
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AEPC has proposed enhancing the interest equalization scheme to all apparel exporters and not just the MSMEs. By Express News Service
CHENNAI: The textile industry, which has been crippled by the Covid-19 pandemic, has shown good signs of recovery in the last few months and now has a lot of expectations from the upcoming budget.
The anti-China sentiment, quality goods and timely production have helped the manufacturers and exporters attract good global business and the textile industry feels that it is the opportune time for the Centre to provide appropriate support to the industry to fuel its next phase of growth.
January 21, 2021
AEPC launches virtual exhibition platform to find way around Covid challenges
Indian apparel and fabric exporters must aim to capture a double-digit share of the world apparel market, from its current level of 5-6 per cent, through upskilling and use of latest technologies, Vice-President M Venkaiah Naidu has said.
Inaugurating the 24x7x365 virtual exhibition platform of the Apparel Export Promotion Council (AEPC) on Thursday, Naidu said that this effort, together with the support of the Textile Ministry, will boost Indian apparel exports. “We should soon aspire to reach a double-digit share in export of fabrics with proper encouragement and branding,” the VP said, according to a statement circulated by AEPC.