Apparels to help achieve US $ 400 billion merchandise exports of India – AEPC Chairman

Recently, Indian Government has strongly envisaged to take the merchandise export of the country to US $ 400 billion in FY ’22.

The merchandise target was set in a recent virtual meeting by Prime Minister Narendra Modi who chaired the session and interacted with Export Promotion Councils, Commodity Boards along with Export Commissioners from States/ UTs, Industry Organisations, Indian Ambassadors/High Commissioners and encouraged them to achieve the export target.

Now Apparel Export Promotion Council (AEPC), in its 42nd Annual General Meeting (AGM), has aligned the efforts made by apparel and textile industry of the country towards the target set by PM Modi.

While addressing the AGM, Dr. A. Sakthivel, Chairman, AEPC exuded confidence that the dynamic leadership provided by the Modi Government has bestowed a lot of courage within the exporting community, particularly the apparel exporters.

“We are confident that apparel exports will significantly contribute towards achieving the aspirational target of US $ 400 billion,” commented Dr. Sakthivel.

It’s worth noting here that India’s apparel exports fell significantly by 21 per cent to US $ 12.27 billion in FY ’21 that was disrupted due to COVID-19 pandemic.

However, the first quarter of FY ’22 (April-June) has seen a steep increase of 91 per cent on Y-o-Y basis in apparel shipments that has laid a strong platform for exporters in months to come.

“Exports to our major markets are increasing. Exports to the USA increased by 22 per cent during January-May 2021 as compared to the same period of previous year. India’s exports to EU grew by 22 per cent during January-April 2021 as compared to the same period of previous year. Exports to other markets like the UK, Saudi Arabia, Canada, Japan and Australia are also growing,” informed Dr. Sakhtivel.

According to him, one of the key growth drivers will be the extended RoSCTL scheme till 31 March 2024 that will ensure a stable and predictable policy regime and will boost exports by making Indian apparels globally competitive.