Textiles and apparel exports from India witnessed a 3.24 percent decline in cumulative figures for April 2023 to March 2024, totaling USD 34.4 billion. This contrasts with the USD 35.5 billion recorded from April 2022 to March 2023.
The government has ambitiously set a target of achieving USD 100 billion in exports for textile products by the year 2030. This goal underscores the government’s commitment to bolstering the textile sector and positioning India as a global leader in textile exports.
In the fiscal year 2021-22, exports of textiles and apparel surpassed USD 41 billion.
Commenting on the decline in India’s textile exports during 2023-24, Shah acknowledged challenges such as the Red Sea crisis, which exacerbated the situation.
Despite ongoing geopolitical challenges, the textiles secretary expressed optimism, noting that some exporters have reported an uptick in their order books in the first quarter. Furthermore, he anticipates that shipments will likely improve in the forthcoming months.
“We will be looking at more focused attention on products which have greater export potential and the production linked incentive scheme is focused on those globally traded products,” the textiles secretary told PTI.
Shah also outlined other measures being looked at to promote exports from the sector, including “possibly looking at newer markets”.
She said the free trade agreements , which India has entered into with other nations “hopefully will open up more opportunities” for the textiles exports.
Sharing the outlook for outward shipments from the textiles sector, Shah said:
“We should look at higher exports happening now. The global demand also will start looking better. Already in the first quarter we have seen some of our exporters have reported that the order positions for apparel, made-ups etc, is looking up so that should play out”.
India’s position in the global garments trade has been eroded by countries like Bangladesh and Vietnam, primarily due to their competitive advantages such as lower labor costs, larger operational footprints, and favorable terms from free trade agreements.