The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC), set up in 1954, is one of the oldest Export Promotion Councils in India. The Council has played a transforming role over the years, inculcating export culture and promoting exports of Indian man-made fibre and textiles. Exports of these items, which were negligible in the 1960s, have grown substantially to touch US$6.16 billion during 2013-14. India exports to nearly 140 countries at present. The Council envisages exports to the tune of Rs. 55,000 crores (US$ 9 billion) by the end of the 12th Five Year Plan (2016-17). The MMF textiles industry contributes 17% of the total Indian textile exports and this share is growing. India is the sixth largest exporter of MMF textiles in the world. Vibrant Indian MMF textile industry The Indian MMF industry is modern, vibrant and growing. India is the second leading producer of cellulosic fibre/yarn and the third largest producer of synthetic fibre/yarn in the world. At present India produces 1263 million kgs of man-made fibre, 2655 million kgs of yarn and 27889 million sq mtrs of fabrics annually.