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Apparel industry congratulates Hon’ble Prime Minister for his visionary leadership

Apparel industry congratulates Hon’ble Prime Minister for his visionary leadership

Apparel Exports Promotion Council congratulates Hon’ble Prime Minister, Shri Narendra Modi for his visionary leadership on Indian exports touching a new high despite the global headwinds and recessionary trends in important markets. India’s overall exports, growing at 13.84 percent during FY 2022-23 over FY 2021-22, achieved USD 770.18 billion worth of exports, which is the best performance ever.

Narendra Goenka, Chairman, AEPC
Narendra Goenka, Chairman, AEPC

Naren Goenka, Chairman AEPC while commenting on India’s record export performance of USD 770 billion said,

“The all-time high exports is a strong indication that Indian export sector is getting more and more resilient and is capable of withstanding challenges posed by adverse global economic environment.”

Chairman AEPC congratulated Hon’ble Prime Minister, Shri Narendra Modi for his visionary leadership and dynamism. He further said that the spectacular export performance of merchandise and service exports is testimony to India’s growing dominance in the emerging global economic order.

The export growth of 54.7% in the last two years is a great milestone in itself, Chairman AEPC added.

The global supply chain is reorienting itself and Indian brands are getting greater acceptability. We now have more ESG compliant factories and with increased focus of the government on infrastructure development and seamless export facilitation, situation will only improve, the Chairman AEPC added.

Speaking on the performance of Apparel sector, Shri Goenka observed that India ramped up its global apparel exports in 2022-23 despite Russia-Ukraine war, sluggish demand of apparel in major garment importing countries, stiff competition by other major apparel manufacturing countries and volatility in raw material prices in the beginning of the year.

The apparel exports increased by 1.1% to USD 16.20 billion in 2022-23 from USD 16.02 billion in 2021-22.

The Chairman AEPC remarked that the growth in India’s apparel exports is supported by timely and industry-friendly interventions by the Government of India like increased budgetary allocation of funds for various apparel sector related schemes, speedy implementation of PM MITRA scheme and support to non-traditional segments like MMF under PLI scheme. He thanked the Government of India for these initiatives.

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