Apparel exports are expected to exceed $20 billion next fiscal year or the year after
According to Shri Upendra Prasad Singh, Secretary of the Ministry of Textiles, India’s garment industry needs to focus on vertical integration in order to grow and benefit from the Production Linked Incentives (PLI) scheme. Shri Singh, speaking at the 44th Founding Day of the Apparel Export Promotion Council (AEPC) today, said: “Although garments and garments are not particularly focused on the investment, they are essential 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 spinning and weaving.”
“We should be able to surpass $20 billion in apparel exports by next fiscal year or the year after that,” Shri Singh said, adding that the country’s textile exports could rise from 40 billion current dollars to 100 billion dollars over the next five years.
Addressing the Foundation Day virtually, the Textiles Secretary said that in addition to the PLI scheme, the government is committed to making the Prime Minister’s Mega Integrated Textile Region and Apparel (PM MITRA) scheme a success . The idea is not just to have world-class infrastructure, but also a thriving industry, he said. Stating that textiles have always been among the government’s top priorities, the secretary said, “There are many significant opportunities. Demand continues to be robust and the China plus one sourcing strategy by the West is certainly a big opportunity for us. Shri Singh said that everything depends on the quality, efficiency and integration of the Indian garment industry and how it increases in size and scale. “PEAC has a big role to play. Let’s not just address the macro number, let’s address the micro level. Let’s go product by product and country by country,” he added.
AEPC President, Shri Narendra Goenka, shared the journey of AEPC since its inception in 1978, from a quota monitoring and export promotion body to the Council which today offers services ranging from training, assessment, market intelligence, advocacy, capacity building programs on financial risk, compliance management, IPR issues, AI and production innovations focused on technology, lean and six sigma, circularity, sustainability, among others.
Summary of news:
- Apparel exports are expected to exceed $20 billion next fiscal year or the year after
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