With an India-United Kingdom Free Trade Agreement (FTA) in the offing, exports from knitwear hub Tirupur could see 10 per cent growth, India Knit Fair Association president A Shaktivel has said.
About 20 per cent of knitwear and garments made in factories from Tirupur go to United Kingdom out of a total Rs 33,000 crore annual exports with a growth rate of 20 per cent year on year, Shaktivel told reporters in Tirupur.
The government is expected to sign an FTA with UK after Deepavali which will boost the exports, as majority of the consumers and dealers prefer Indian goods for its quality, Shaktivel said. From Rs 33,000 crore worth exports this financial year, it will increase to Rs 38,000 crore the next fiscal and reach Rs 50,000 crore by 2025, newly-elected Tirupur Exporters' Association president K N Subramanian said.
The association is organising the 48th Indian International Knit Fair in Tirupur from October 12 to 14, Shaktivel said.