Apparel Export Promotion Council (AEPC) has said that the strong demand for Indian apparels drives exports.
The export figures of readymade garments saw an increase of 22 per cent to US $1.46 billion in December 2021 from US $1.20 billion in December 2020. The total apparel exports stood at US $11.13 billion during April-December 2021.
Indian apparel has bounced backed as apparel exports in the first nine months of this fiscal year were 35 per cent higher than US $8.22 billion in April-December 2020. This is despite the fact that local restrictions impacted operations in the first quarter during the second wave of the pandemic.
Dr. A. Sakthivel, Chairman, AEPC said in a statement, “Apparel exporters have done exceedingly well in spite of challenges. We have a fast-growing order book from brands and buyers across the world. I am sure that with the active support of Minister of Textiles, Commerce and Industry Piyush Goyal and driven by the strong demand conditions, Indian apparel exports will, too, see historic highs soon in the next coming months.”
He further added that the two mega schemes that will help India reclaim its global leadership position in textiles and apparel are PLI and PM-MITRA. The PLI scheme will be more beneficial if the investment and turnover targets are reduced by 50 per cent as most players in the apparel industry are in the MSME segment. Further, fast-tracking of trade deals with the US, UK, EU and UAE will make Indian apparels far more attractive.
Welcoming India’s highest ever monthly merchandise export of US $37 billion in December 2021, an increase of 37 per cent over US $27 billion exports in December 2020, he said that looking at the current trend, India will achieve the US exports target for the current fiscal. This has been solely possible due to the efforts of Prime Minister Narendra Modi who initiated the export-led growth strategy for the country.