India-US trade deal could help Tamil Nadu’s apparel exports double to Rs 30,000 crore & more related News Here

Apparel exporters in Tamil Nadu’s textile hub Tiruppur expect shipments to the United States to double to about Rs 30,000 crore in the next three years following the India-US trade framework, industry representatives told PTI.He also indicated that the sector could create around 5 lakh additional jobs in the next three to five years due to increased export orders and production.India and the United States on Saturday announced that they have finalized the framework for the first phase of a bilateral trade agreement, under which both sides will reduce import duties on several goods to boost two-way trade.“We welcome it,” said KM Subramanian, president of Tiruppur Exporters Association. This deal is important as it will provide huge growth to Tiruppur in the next 5 years.”He said the value of apparel exports from Tamil Nadu is currently around Rs 15,000 crore and is expected to double to Rs 30,000 crore in the next three years after the agreement.Subramanian, founder-chairman of Tiruppur-based textile manufacturer KM Knitwear Pvt Ltd, said the impact of the deal is expected to be visible in the next three months.“After that we will see good growth for (India-made) garments exported from Tamil Nadu. Tiruppur’s growth will be on a higher path,” he said.On employment, he said, “At present, around 10 lakh people are employed in this industry. 5 lakh more jobs will be added in the next 3 to 5 years.”M Rathinasamy, another Tiruppur-based entrepreneur and founder of Starlight Exporters, said, “Earlier, some orders were going to Bangladesh and other countries. After this deal, we will get more orders (from the United States).“We are hopeful that we will get a large number of orders as a result of this deal,” he said.Tiruppur Exporters Association represents cotton knitwear exporters operating in Tiruppur and neighboring areas and currently represents about 1,135 knitwear exporters.