Apparel exports rise 32% to $4.5 bn in Q1
FTAs with countries including UAE, Australia and UK will help neutralise the advantage which India's competitors used to enjoy in some of the important markets, AEPC chairman
image for illustrative purpose
Challenges Ahead
• Ramp up production capacity
• Get into MMF (man-made fibre) segment
• Lower cost of production
• Work on meeting global standards
• Scale and skills have to be matched
New Delhi: Apparel exports rose by about 32 per cent to $4.5 billion during April-June this fiscal as against $3.40 billion in the same period last year, Apparel Export Promotion Council (AEPC) said on Thursday. Addressing a meeting of the council, AEPC chairman Naren Goenka said that free trade agreements with countries including UAE, Australia and the UK will help neutralise the advantage which India's competitors use to enjoy in some of the important markets. Apparel exports in 2021-22 stood at $16.2 billion.
"We have to be poised to grab the opportunity by ramping up our production capacity, getting into the MMF (man-made fibre) segment...We have to actively lower our cost of production and work on meeting the global standards. "To match the growing global demand, our scale has to be larger and skills have to be matched," Goenka said. The council requested the government to announce new Technology Upgrade Fund Scheme (TUFS) and production-linked incentive scheme for the apparel sector. "The council is making efforts towards promoting brand India at various global platforms as a trusted supplier by showcasing its strength on sustainability, circularity and ethical sourcing," he added.
