Union Textiles Minister Giriraj Singh inaugurated the 71st Edition of the India International Garment Fair (IIGF) in New Delhi today. The event saw the presence of Ramesh Bidhuri, Member of Parliament, Sudhir Sekhri, Chairman of AEPC, along with several prominent members of the trade, international buyers, and exhibitors.
In his inaugural address, Giriraj Singh highlighted India’s rapid economic growth, stating, "Today, India is one of the fastest growing economies in the world with a GDP growth rate of 7.2% and is expected to be the 3rd largest economy by 2027–28." He emphasized that the positive domestic outlook and growth-oriented political establishment have created a conducive business environment in India. The government has implemented various measures to enhance the infrastructure sector and ease of doing business, he added.
The Minister expressed his satisfaction that around 600 buyers from more than 50 countries would be attending this edition of IIGF. He also noted that the Indian apparel and textiles market, currently valued at USD 165 billion, aims to reach USD 350 billion. He urged the industry to boost apparel exports to USD 50 billion by 2030. Shri Singh mentioned that the Prime Minister has outlined a roadmap to promote technical fibers and geotextiles, providing significant growth opportunities.
Shri Singh stated, "My challenge is not Bangladesh. I aim to surpass China in the times to come. Bangladesh's water and raw material charges are increasing. Additionally, we should establish small clusters for smaller players in India to boost ready-made garment (RMG) exports." He stressed the need for revamping textile parks, promoting green textiles, adopting the 'hub and spoke' model to enhance domestic manufacturing, encouraging industry collaboration, and establishing Indian brands. The ministry also plans to revive the Scheme for Integrated Textile Parks.
Sudhir Sekhri, Chairman of AEPC, remarked, "The global headwinds negatively affected Indian apparel exports. But despite this adverse scenario, the Indian apparel export industry was able to hold its own and mitigate the damage to a significant extent. With a 9.8% increase in exports in May 2024, we are confident that under the visionary leadership of Hon’ble Prime Minister Shri Narendra Modi Ji and the guidance of Hon’ble Union Textile Minister Giriraj Singh Ji, we will overcome challenges and achieve impressive growth in exports."
Mithileshwar Thakur, Secretary General, observed, "The IMF's April 2024 World Economic Outlook forecasts the world economy to grow at 3.2% during 2024 and 2025, with a slight acceleration in advanced economies. Global inflation is also projected to decline steadily, from 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025. This indicates greater opportunities for Indian apparel exporters to expand their footprint in developed countries. The Indian apparel industry must capitalize on this opportunity and start dreaming big."
Knowledge sessions are being organized on June 25 and 26, 2024, covering topics such as "Navigating Global Trade: Challenges and Opportunities for the Industry," "The Efficiency Advantage: Driving Manufacturing Excellence in Apparel," and "Sustainable Fashion: From Concept to Reality."
The fair, organized by the Apparel Export Promotion Council (AEPC) through the International Garment Fair Association (IGFA) in collaboration with three major garment associations of India—Clothing Manufacturers Association of India (CMAI), Garment Exporters & Manufacturers Association (GEMA), and Garment Exporters Association of Rajasthan (GEAR)—showcases the collective spirit, teamwork, and synergies of these associations to achieve greater goals. The 71st edition also features two fashion shows each day from June 25 to 27, 2024, highlighting the best collections exhibited during the show.
