India’s apparel exports expected to double by 2023

The Dollar Business Bureau India’s apparel exports are expected to double in the next eight years, increasing at a compounded annual growth rate of 9%, more than the average increase in global trade in the sector, a study said. The total export value will increase from $40 billion in 2013 to $95 billion in 2023, a media report said citing a study by research firm Technopak. The Indian textile and apparel market which was estimated at Rs. 3.20 lakh crore in 2013, is projected to touch Rs. 7.57 lakh crore in the coming eight years, the research said. On the other hand, the global textile and apparel trade is expected to grow at 5% during the period. In 2013, the global textile and apparel trade was $773 billion, the Technopak data showed. While India, Bangladesh, Vietnam, Turkey and Pakistan are the major exporters, the US, European Union and Japan are key importers of apparel. The report said that China which has a major share of up to 40% in the fabric, apparel and made-up market segments, continues to dominate the global textile and apparel exports. In 2013, the total value of global fabric trade was $137 billion and apparel trade was $428 billion. During the current financial year, India’s Textile Ministry aims to achieve $47.5 billion exports target, expecting a 14% increase in the annual export value. Even though the country registered only marginal growth of $41.4 billion in 2014-15, as against $40.8 billion a year ago, the government hopes to achieve higher growth in the current financial year by adopting several measures to improve the sector. The government is mulling over a National Textiles Policy, which aims to increase India’s exports to $300 billion by 2024-25, the report said. In order to promote the textile industry, the government has plans to set up readymade garment manufacturing units across the country. It has already launched the North East Region Textile Promotion Scheme (NERTPS), under which each state in the North Eastern region will have at least one garment manufacturing centre.    

May 28, 2015 | 7:42 pm IST.