India ranks 6th in global garment exports

As per the World Trade Integrated Solutions database of 2013, India ranks 6th in the world for exporting apparels whereas Bangladesh and Cambodia are 2nd and 14th largest readymade garment suppliers respectively. The existing FDI policy in Multi-Brand Retail Trade (MBRT) Policy stipulates that at least 30 per cent of the value of procurement of manufactured/processed products purchased shall be sourced from Indian micro, small and medium industries, which have a total investment in plant & machinery not exceeding US $ 2 million. Textile Minister, Santosh Gangwar informed that the government has approved a proposal from Tesco Overseas Investment Ltd. (TESCO), a UK Company to carry out the business of Multi Brand Retail Trading in India.