The sector’s continuous efforts to maintain sustainability and affordability have been instrumental in driving export growth over recent months.Â
The focus on quality products and sustainable manufacturing practices within the Indian garment industry has contributed to a 35 per cent increase in ready-made garment exports in October, according to the Apparel Export Promotion Council (AEPC).
Sudhir Sekhri, Chairman, AEPC, stated that exports to nations with free trade agreements (FTAs) with India, including Korea, Japan, and Australia, are significantly contributing to the rise in export volumes.
In October, ready-made garment exports rose by 35 per cent Y-o-Y, reaching $1.22 billion. For the April-October period of the current fiscal year, exports grew by 11.6 per cent, amounting to $8.73 billion.
Sekhri credited this growth to the industry’s dedication to quality, sustainability, and affordability, which has bolstered demand among international buyers. He explained that the sector’s continuous efforts to maintain sustainability and affordability have been instrumental in driving export growth over recent months.
Discussing future plans, Sekhri mentioned that India is set to host Bharat Tex 2025, the nation’s largest textile fair, aimed at highlighting its expanding capabilities. He also noted growing interest among international buyers to source from India, attributing this to successful roadshows and roundtables that have generated encouraging feedback.
Mithileshwar Thakur, Secretary General, AEPC, pointed out that India’s apparel sector is strategically positioned to benefit from global buyers seeking alternatives to Bangladesh and China. However, he stressed the importance of government support in terms of funding, training, and investment to sustain growth, particularly in light of global trade disruptions and rising costs.
Thakur further stated that AEPC has urged the government to extend the interest equalisation scheme and increase the interest equalisation rate to 5 per cent for a minimum of five years to alleviate the high cost of capital.
News Courtesy: Business Standard