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Brexit may not have an immediate fall out: CMAI

Wednesday, June 29, 2016
By Dominic Rebello. Photograph By Azad Shrivastav

(Left to right) Ashok Shah, Chairman, Fair Sub Committee, Rajesh Masand, Vice President, CMAI, Rahul Mehta - President, CMAI, Premal Udani, Jayesh Shah, and Rohit Munjal at the conference yesterday.

“There could be a period of uncertainty and confusion for some time, but felt that there may not be any dramatic and immediate impact on India’s Garment Exports to UK or EU. However, a lot would depend on the exact Agreements and Treaties worked out between the UK and EU, especially on the Taxation Implication on movement of Goods between the U.K & E.U,” said Rahul Mehta, President, The Clothing Manufacturers Association of India yesterday on the recent decision of UK to leave the European Union. He also felt that there could be a further delay in the signing of the FTA with EU.

He was speaking on the sidelines of an event held to announce CMAI’S 63rd National Garment Fair to be held from July 13th To 15th 2016 at Bombay Exhibition Centre, Mumbai.

The Association has Invited Santosh Kumar Gangwar, Minister of State for Textiles (I/C), Govt of India to be the Chief Guest and Inaugurate the Fair and Rashmi Verma, IAS, Secretary (Textiles)  to be the Guest of Honour at the inauguration.

Mehta stated that this B2B Fair will be spread over approx. 5,50,000  Square feet, covering all the halls at the Bombay Exhibition Centre. There will be 742 stalls displaying  812 Brands. This will be the India’s largest ever garment fair held so far. Approx. 40,000 retailers from all over India are expected to visit this 3 Day B2B Fair. Over 50,000 Invitation Cards Displaying the participating brands in men’s wear, women’s wear, kid’s wear & accessories have been sent by the Association to retailers, wholesalers, agents & distributors Inviting them to visit the 3 Day Fair.

The total size of Indian Apparel Industry is estimated to be around Rs. 2,50,000 crore for the domestic market. Out of this, the organized market is Rs. 74250 crore (30%) whereas unorganized market is Rs. 175,750 crore (70%). Rahul Mehta stated that the Indian Domestic Apparel Industry’s size is estimated to double within next 7 years. In the year 2015-16, India’s garment exports was US $16.80 bn. It is expected to reach US$ 20 bn during the current fiscal.

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