India’s exports of man-made fibres (MMF) is likely to hit $ 7 billion by the end of the fiscal year 2020-21, up 10 percent from the ongoing level, says Ronak Rughani, chairman of the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC).
He added that he was optimistic about further momentum in the sector this fiscal year.
India’s current MMF exports are not encouraging, but exports in value-added segments like fabrics witnessed nearly 8 percent 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 a 20-point strategy for the development of MMF 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 manufacturer exporter, branding and WTO-compatible schemes.
