Narendra Goenka, Chairman, Apparel Export Promotion Council (AEPC), has said that India crossing US $400 billion merchandise exports marks the beginning of an era of exponential growth and dominance in world trade.
Notably, Indian apparel exports have been able to strengthen its position in traditional export destinations of the USA, UAE, UK and France in 2021-22. With focus on man made fibre (MMF) garments, sustainability and FTAs, Indian apparel sector is set to become world’s garment factory in next three years.
In a statement, he said, “Indian exports crossing US $400 billion is not just a remarkable achievement, but will also prove to be a landmark in the history of India’s global trade. From here, the growth rates are going to be exponential all thanks to the visionary leadership provided by our Prime Minister Narendra Modi.
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“India has comfortably surpassed its highest-ever exports of US $330 billion in 2018-19. Considering the ground work done by the Government for building the capacity of domestic industry, signing of trade deals and the new entrepreneurial spirit in India, I expect merchandise exports to cross US $500 billion in the coming fiscal,” he said and added that Indian apparel exports, too, are set to witness exponential growth. The Government has prepared the ground for fast growth in apparel sector with schemes like RoSCTL, PLI and PM-MITRA. These will further increase the production, employment and export capacity of one of the largest employing sectors with maximum women workforce.
