April 22, 2024
Apparel, Fashion, Retail

Goyal Confident Of Apparel Exports Reaching $40bn By 2030

Textiles Minister Piyush Goyal expressed confidence that India’s garment exports would reach the target of US $40 billion by 2030. “$40 billion target by 2030 is clearly achievable,” he added

Goyal said the Indian government is taking steps to promote exports such as entering into free trade agreements and promoting brand India.

Piyush Goyal was speaking at an awards function orgainsed by Apparel Exporters Promotion Council (AEPC) to felicitate India’s top clothing exporters

Indian apparel exporters who received the awards included Pearl Global, Shahi Exports, Richa Global Exports, Jyoti Apparels, First Steps Babywear and others.

The ‘AEPC Excellence Honours’ acknowledged exceptional contributions by Indian Apparel exporters in building modern export enterprises and fostering a unique Indian export culture.

Awards were presented in 13 categories, recognising achievements in environmental and social compliance, highest exports in MMF apparels, exports to Free Trade Agreement countries and more.

Goyal also requested clothing exporters to procure raw materials from Indian players and not depend on foreign suppliers.

He also said that the ministry is aware of the fact that global share of India in clothing exports has been steady at 3-4 percent and so AEPC is proactive to hike exports of $16-17 billion to $40 billion by 2030.

AEPC has created an in-house Market Intelligence Cell to keep track of import demand trends and is also taking efforts on various fronts to guide and hand-hold exporters.

Listing out initiatives of AEPC, the minister stated that Indian apparel exports are concentrated on only the EU and US, but AEPC is now trying to diversify into emerging markets like Australia, Africa and Latin America.

“Exports of garments grew at a rate of 30.35 percent in 2021-22 over 2020-21, and 1.10 percent in 2022-23 over 2021-22,” AEPC Chairman Naren Goenka said while sharing statistics of Indian clothing exports.

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