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Ministry releases US quotas for SRTEPC
E-Tex Staff - Mumbai
Following requests from the Synthetic and Rayon Textiles
Export Promotion Council (SRTEPC), the Union textiles ministry has finally decided
to release export quotas for the US. The ministry will release an additional
quantity of 1.2 million square metres under the FCFS ready goods system for
export of MMF textiles to USA covered under ‘Group II MMF’ quota.
This will be opened for allotment on October 20, 2003.
Mr Rakesh Mehra, chairman, SRTEPC has complimented
the ministry and the Union textiles minister, Mr Syed Shahnawaz Hussain for
his foresight and sympathetic consideration of the council’s request for
additional quantity. According to Mr Mehra, “US is a large market for manmade
textiles, but India’s share is a meagre 1.7 per cent. Lack of quotas had
resulted in exporters not being able to fulfill their commitments, and being
termed as ‘unreliable suppliers’ We had requested the government for
the additional quotas so that we could begin establishing our presence in this
market, and are in a comfortable position by 2005, and also do away with the
image of being unreliable.
Exports of MMF textiles to USA from India have jumped
from Rs 37.20 crore during April-May 2002 to Rs 95.98 crore during April-May
2003, a growth of 158 per cent. Mr Mehra envisages a quantum jump in exports
of MMF textiles to the US post-quota regime. MMF textiles constitute 51.78 per
cent (US$ 7.88 billion) of textile textile imports (US$ 15.22 billion) into
USA. However, India’s share of US MMF textile imports was a meagre 1.17
per cent. (US$ 92.02 million).
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