Meanwhile, textiles minister Dayanidhi Maran today inaugurated the 43rd India International Garment Fair (IIGF) and first exclusive silk exhibition 'Silk Paradise' at Pragati Maidan in New Delhi. These exhibitions will run from 15 July to 17 July 2009.
The IIGF is being organised by the International Garment Fair Association (IGFA), the Apparel Export Promotion Council (AEPC), the Garment Exporters Association (GEA), the Clothing Manufacturers Association of India (CMAI), the Apparel Exporters and Manufacturers Association (AEMA) and the Apparel and Handloom Exporters Association (AHEA).
More than 200 garment manufacturers and exporters from Delhi, Gurgaon, Noida, Faridabad, Jaipur, Pushkar, Tirupur, Mumbai and Kolkatta are participating in the fair. Over 3,000 visitors from 70 countries are expected to attend this fashion extravaganza. During three-day exhibition, Indian garment exporters will launch new range of products, offer special products, make efforts to strengthen existing markets and explore new markets.
The 'Silk Paradise' is being organized by the Indian Silk Export Promotion Council (ISEPC) , where 80 participants from all over India are showcasing their product range in garments, home furnishing, accessories and fabrics. It is expected that 300 to 400 serious buyers and buying agent will visit the exhibition and on the spot business of Rs200 to Rs300 crore is expected and in the short and medium term the business of Rs1,000 crore will be generated.
Maran said he was impressed by the scale of participation in these fairs and was happy to learn that in the time of recession these fair have been able to attract buyers. "What gives me satisfaction is that 20 buyers from Japan as well as some buyers from Argentina and Uruguay have come for the first time. This vindicates our 'Look East Policy' and focus on opening of new market, particularly, in Latin America, Africa and Oceania", said the minister.
Maran said he would be leading a trade delegation to Japan next week, where he will hold discussion with the government and business. He said 30 India textile and clothing exporters are also participating in the Japan International Fashion Fair (JIFF).
The minister also said that the silk sector is an important part of Indian textiles and it presently contributes Rs3,500 crore (2007-08) to Indian Textiles and Clothing Export and it is expected to rise to Rs7,000 crore by 2012.
He said there has been no appreciation in rupee against US dollar during the period 2008-09 over 2007-08. In order to boost exports, arrest the impact of economic slow down and to improve liquidity, the government had announced two stimulus packages on 7 December 2008 and 2 January 2009 to the domestic industry, including textiles industry.