Garment exports expected to top $20 billion in next fiscal year or year after
Shri Upendra Prasad Singh, Secretary of the Ministry of Textiles, said India’s garment industry needs to focus on vertical integration to increase its scale and size and benefit from the Production Linked Incentive Scheme (PLI). ).
Speaking at the 44th Foundation Day of the Apparel Export Promotion Council (AEPC) today, Shri Singh said, “Apparel and apparel is not very investment-centric, but they are very important from the point of view of employment. Maybe there is a need for backward integration and more of you can enter the integrated value chain like spinning and weaving.”
Addressing the Foundation Day virtually, the Textiles Secretary said that in addition to the PLI scheme, the government is committed to making the Prime Minister’s Mega Integrated Textile Region and Apparel (PM MITRA) scheme a success . The idea is not just to have world-class infrastructure, but also a thriving industry, he said.
Stating that textiles have always been one of the government’s top priorities, the secretary said, “There are a lot of great opportunities. Demand continues to be robust and the China-plus-one-from-west sourcing strategy is definitely a big opportunity for us. .” Shri Singh said that everything depends on the quality, efficiency and integration of the Indian garment industry and how it increases in size and scale. “AEPC has a big role to play. Let’s not just get into the macro-number, let’s get into the micro-level. Let’s go product by product and country by country,” he added.
“We should be able to surpass $20 billion in apparel exports by next fiscal year or the year after that,” Shri Singh said, adding that the country’s textile exports could rise from 40 billion current dollars to 100 billion dollars over the next five years.
AEPC President, Shri Narendra Goenka, shared the journey of AEPC since its inception in 1978, from a quota monitoring and export promotion body to the Council which today offers services ranging from training, assessment, market intelligence, advocacy, capacity building programs on financial risk, compliance management, IPR issues, AI and production innovations focused on technology, lean and six sigma, circularity, sustainability, among others.
Shri Goenka listed the top priorities for the apparel sector, namely leveraging political support to improve scales, product diversification, taking advantage of upcoming FTAs, creating new USPs based on sustainability and responsible business, use technology and AI for a leaner supply chain and better branding. AEPC Vice President, Shri Sudhir Sekhri spoke about the initiatives taken by AEPC for the overall growth of the garment sector.
AEPC is the official body of garment exporters in India, under the aegis of the Ministry of Textiles, which provides invaluable assistance to Indian exporters as well as international importers/buyers.
(With GDP entries)