Apparel exports from India are expected to witness a significant surge in the coming years, reaching a staggering amount of USD 40 billion by 2030, as stated by the Apparel Export Promotion Council of India (AEPC). This growth is attributed to various strategic initiatives undertaken by the council, including exploring new destinations and fostering key partnerships. In order to achieve this ambitious target, AEPC has outlined several key areas of focus, including innovation, market expansion, diversifying the product portfolio, sustainability practices, and responsible business conduct.
The AEPC Chairman, Naren Goenka, emphasized the council’s commitment to reaching new heights and pushing boundaries in the ongoing decade. This commitment is symbolized by the notion of “40 by 30,” which encapsulates their aspiration to achieve apparel exports worth USD 40 billion by 2030. In a statement, Goenka highlighted that this significant goal reflects India’s determination to make its mark on the global apparel market.
Moreover, Goenka announced that the Commerce and Industry and Textiles Minister, Piyush Goyal, would be presenting export awards to ready-made garment exporters on December 9. These awards are aimed at recognizing the outstanding contributions made by Indian apparel exporters in building modern enterprises. Additionally, Goenka acknowledged the pivotal role played by these exporters in enhancing India’s image as a progressive and dynamic member of the international business community. He further added that they serve as inspirational figures for future generations of Indian exporters.
Data from Apr-Sep 2023-24 reveals that the exports of ready-made garments amounted to USD 6.92 billion, indicating a decline of 15.3 per cent compared to the corresponding period of the previous year. However, during the previous financial year, 2022-23, these exports aggregated at USD 16.2 billion, reflecting the sector’s significant contribution to the country’s trade balance.
Overall, India’s apparel export industry is poised for an impressive growth trajectory, driven by strategic initiatives, innovation, and sustainable practices. With a clear roadmap in place, AEPC and the Indian government aim to establish India as a prominent player in the global apparel market, enhancing the country’s international trade relations and securing a prosperous future for Indian textile exporters.
