Moreover, the council also plans to send a high level participant-cum- delegation to the US in October. This visit will be in the light of the forthcoming international fashion fabric exhibition in New York to be held between October 13-16, 2003. Rakesh Mehra, chairman, SRTEPC, The negligible quota for manmade fibre textiles at the moment is a major constraining factor in increasing exports to the US. And whatever quota is currently available for this category is in Ready Goods Export (RGE) system, leading to steep rise in its premium affecting exports of MMF textiles to the US.
To meet the growing demand and check the speculation and premium on quota, the council has urged the ministry to increase the quota, an additional two million square meters from 2.199 million square meters (MSME) to around four MSME, he said, adding, As part of its strategy to increase Indian presence in US market the rise in quota is needed. This is virtually needed at this juncture. The participation of Indian companies in the exhibition assumes significance in the context of dismantling of the quota regime by 2005, when Indian companies will be able to export freely to US market.
Mr Mehra said that despite quota constraints, the US has emerged as the second largest market for Indian manmade fibre textiles with exports touching Rs 547 crore during 2002-2003. Once quota is abolished, the US is set to emerge as the leading market for Indian manmade fibre textiles.
In addition to boost manmade export in other countries, SRTEPC is organising a series of textile exhibitions and exclusive buyer-seller meets in various markets like Russia, Vietnam, and South Korea, during September-October 2003.
According to Mr Mehra, the leading Indian companies like Reliance Industries Ltd, Indo Rama Synthetic, Mafatlal Industries, Banswara Syntex, Siyaram Silk Mills, Shree Mahadeo Cotton Mills, Visaka Industries, Oriental Synthetic & Rayon Mills, Vardhman Spinning & General Mills, Donear Industries, Duratex Silk Mills, Hytone Textiles, etc. will participate in these programmes and the entire range of the latest Indian synthetic, rayon and blended textile items including yarn, fabrics and made-ups will be on display.