India-US trade deal: TN's garment exports might surge to ₹30,000cr
What's the story
The recently signed India-US trade deal is expected to significantly boost garment exports from Tamil Nadu. The Tiruppur Exporters' Association (TEA) has said that exports to the US could double to ₹30,000 crore in three years, creating around five lakh new jobs in the textile sector. The agreement is also likely to bring more orders into Tamil Nadu, possibly diverting them from other countries like Bangladesh.
Export boost
TEA president welcomes India-US trade deal
TEA President K M Subramanian welcomed the India-US trade deal, saying it would greatly benefit Tiruppur over the next five years. He said that Tamil Nadu's current garment exports are worth ₹15,000 crore and will double to ₹30,000 crore in three years due to this deal. Subramanian is also the founder-chairman of Tiruppur-based clothing manufacturer K M Knitwear Pvt Ltd.
Employment surge
Deal to create additional 5L jobs
Subramanian said that the India-US deal will create another five lakh jobs in the textile sector. He added that currently, roughly 10 lakh people are employed in this industry and it will see an addition of another five lakh jobs over the next three to five years. The impact of this deal is expected to be seen within three months, with a significant growth for Tamil Nadu-made garments.
Order influx
More orders from US expected to come to Tamil Nadu
M Rathinasamy, another Tiruppur-based entrepreneur and founder of Starrlight Exporters, said the deal will bring in more orders from the US to Tamil Nadu. He noted that some orders were earlier going to Bangladesh and other countries, but now, they will be coming to India.