India’s apparel exports increased by 1.1 per cent to $16.20 bn in 2022-23 from US $ 16.02 bn in 2021-22.
India ramped up its global apparel exports in 2022-23 despite the Russia-Ukraine war, sluggish demand for apparel in major garment-importing countries, stiff competition by other major apparel manufacturing countries and volatility in raw material prices at the beginning of the year.
Naren Goenka, Chairman Apparel Export Promotion Council (AEPC) remarked that the growth in India’s apparel exports is supported by timely and industry-friendly interventions by the Government of India like increased budgetary allocation of funds for various apparel sector-related schemes, speedy implementation of PM MITRA scheme and support to non-traditional segments like MMF under PLI scheme.
He said that the global supply chain is reorienting itself and Indian brands are getting greater acceptability. We now have more ESG-compliant factories and with the increased focus of the government on infrastructure development and seamless export facilitation, the situation will only improve.
“We believe that with government support and with newfound zeal and enthusiasm we will achieve new heights in apparel exports in the FY 2023-24 and will contribute to the vision of the Government of India of US $ 2 trillion overall exports from India by 2030” he said.
