Garment exports likely to top $20 bn next FY or yer after: MoT

24 February 2022, Mumbai:

India's garment exports are expected to exceed $20 billion next fiscal year or the year following, according to the Ministry of Textiles (MoT). India's garment exports were worth $15.2 billion in 2021.

"We should be able to break the $20 billion mark in garment exports next fiscal year or the year after that." In the next five years, the country's textile exports might climb from $40 billion to $100 billion.

There are several large opportunities. "Demand is still strong, and the west's China plus one sourcing strategy is a fantastic opportunity for us," said Textiles Secretary Upendra Prasad Singh.

He also stated that, in order to profit from the Production Linked Incentive (PLI) plan, the Indian garment sector should focus on vertical integration.

"I recognize clothing and garments is not highly investment focused, but it is very essential from an employment standpoint," he remarked virtually addressing the 44th Foundation Day of the Apparel Export Promotion Council (AEPC). Perhaps there is a need for backward integration, and more of you can participate in integrated value-chain activities such as spinning and weaving."

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The government is dedicated to making the Prime Minister's Mega Integrated Textile Region and Apparel (PM MITRA) program a success, according to the top administrator. He explained that the goal is to create not only world-class infrastructure but also a vibrant industry. "The AEPC has a significant role to play.

Let's not only look at the big picture; let's look at the details. "Let's do it one product at a time, nation by country," he remarked.

Chairman of the AEPC, Narendra Goenka, spoke about the organization's evolution, which now includes services such as skilling, assessment, market intelligence, advocacy, capacity building programs on financial risks, compliance management, IPR issues, AI and technology-driven manufacturing innovations, lean and six sigma, circularity, and sustainability, among others.

He outlined key priorities for the apparel industry, including leveraging policy support for improving scales and product diversification, leveraging upcoming FTAs, developing new USPs based on sustainability and responsible business, and utilizing technology and artificial intelligence for a leaner supply chain and better branding.

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*Figures mentioned in the above article have been sourced from Bolly Inside & Fashion Network article.