Related Keywords: EU major destination for RMG export from India, expediting work on free trade agreement, in turn impacted currency, Indian textile industry, knitwear exports, rupee devaluation against pound and euro, stand to benefit from Brexit, Tirupur Exporters Association, Tirupur exporters worried about exports of knitwear, UK exit from European Union
UK’s decision to exit from the European Union which in turn impacted the currency, worries exporters from the tiny town of Tirupur as many of the exporters exports around Rs26,000 crore of knitwear. According to A Saktivel, president, Tirupur Exporters Association, it will be temporary but in the long run this will help them since UK will support more which it could not when it was part of the EU.
EU is a major destination for readymade garments (RMG) export from India. In 2015-16, total RMG exports from India was Rs 1,11,236 crore, of which EU's share was 36.97%.
