11 October 2023, Mumbai
The Apparel Export Promotion Council (AEPC) anticipates robust growth in India's textile and apparel exports for the fiscal year 2023-24, with expectations of surpassing the $50 billion mark.
This marks a substantial increase from the $45 billion achieved in the previous fiscal year, primarily fueled by a burgeoning demand in key markets such as the United States and Europe.
Prognosis
In FY24, the AEPC foresees a 10-12% upswing in exports to the United States and an 8-10% increase in exports to Europe.
These markets constitute a significant share of India's textile and apparel exports, and the strong demand emanating from these regions is poised to propel the overall export figures for the fiscal year.
Several other factors are poised to contribute to the expansion of India's textile and apparel exports in FY24:
- Government initiatives, including the Production Linked Incentive (PLI) scheme, aimed at bolstering the textile and apparel sector.
- The rising global appeal of Indian textile and apparel products.
- The increasing demand for sustainable and ethically-produced fashion items.
Overview
The AEPC's projection of $50 billion in textile and apparel exports for FY24 bodes well for the Indian economy.
The textile and apparel sector serves as a major employment generator in India, and its growth is expected to create jobs and stimulate economic development.
5 key insights :
- $50 billion export target for FY24
- 10-12% growth in US exports
- 8-10% growth in Europe exports
- Government initiatives to boost sector
- Rising global appeal of Indian products
