Garment exports expected to top $20 billion next fiscal year or year after

February 25, 2022

Category: GARMENTS

Country: India

By Patrick Huston | 2022-02-22

According to Shri Upendra Prasad Singh, Secretary, Ministry of Textiles, the Indian garment industry must focus on vertical integration in order to grow up and profit from the Production Linked Incentive (PLI) plan. Shri Singh, speaking at the Clothing Export Promotion Council’s (AEPC) 44th Foundation Day today, stated, “Although apparel and garmenting are not particularly investment-focused, they are critical in terms of employment. Perhaps there is a need for backward integration so that more of you can participate in integrated value-chain activities like as spinning and weaving”.

“We should be in a position to breach $20 billion apparel exports by next fiscal or the year after that,” Shri Singh said, adding that the country’s textile exports can increase from the current $40 billion to $100 billion in the next five years.

Virtually addressing the Foundation Day, the Textiles Secretary said that along with the PLI scheme, the government is committed to make the Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) scheme a success. Idea is not to just have a world-class infrastructure but also a thriving industry there, he said. Stating that textile has always been among the top priorities of the government, the Secretary said, “There are a lot of big opportunities. The demand continues to be robust and the China plus one sourcing strategy by the west is certainly a great opportunity for us.” Shri Singh said that it all depended on how good, efficient and integrated the Indian apparel industry is and how it increases its size and scale. “AEPC has a big role to play. Let us not get into just the macro figure, let us get into the micro level. Let us go product by product and country by country,” he added.

AEPC Chairman, Shri Narendra Goenka shared the journey of the AEPC since its establishment in 1978 from a quota monitoring and export promotion body to the Council that today offers services ranging from skilling, assessment, market intelligence, advocacy, capacity building programs on financial risks, compliance management, IPR issues, AI and technology driven production innovations, lean and six sigma, circularity, sustainability, among others.

Courtesy: https://www.bollyinside.com/news/garment-exports-expected-to-top-20-billion-next-fiscal-year-or-year-after