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New Delhi, May 17 The Apparel Export Promotion Council (AEPC) described the General Election results as ‘a vote for development’ with the UPA government set to continue its progressive social and economic agenda for inclusive growth and good governance.

In a statement issued here, the AEPC Chairman, Mr Rakesh Vaid, said the people seem to have favoured the Congress-led coalition because of its development initiatives, which are intended to narrow down the rural and urban divide.

Mr Vaid said the textile and apparel sector is the second largest employment generator after agriculture, providing work to about 33 million people directly and another 55 million indirectly. Of these, seven million are involved in garment manufacturing — 3.9 million for exports and the rest for domestic market.

To increase installed capacities in the apparel sector, he said, the new government will require reforms in five broad areas — fiscal incentives to the tune of Rs 2,600 crore, Rs 250-crore product development fund, simplification of export-import norms, facilitating capital investment and friendlier labour laws.

Mr Vaid hoped the government would push ahead a more comprehensive and competitive enhancement strategy in the form of a stimulus package as Indian goods are over 20 per cent costlier than those supplied by some of the competing countries. “The higher cost is due to higher credit rates, wages for labour and transaction costs,” he said.

Garment exports from India totalled $10.13 billion in 2008-09 compared with $9.68 billion the previous year, the Council said.

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