India readymade garment exports reach over $6 . 4 …

India readymade garment exports reach over $6 . 4 billion in April - August

In August, India s ready-made garment (RMG) exports experienced a growth of 11.9% compared to the same period in the previous year, reaching a cumulative value of $6.395 billion for the April-August period. Despite global challenges such as the red sea crisis, logistic costs, and inflation, the apparel exports maintained a positive growth momentum. The Apparel Export Promotion Council (AEPC) highlighted the industry s resilience, with an average growth of 7.12% over the last five months. Sudhir Sekhri, Chairman of AEPC, emphasized the industry s potential to become a major global player in garment exports, driven by a focus on product quality, environmental, and social compliance. The recent surge in RMG exports reflects the growing trust global brands have in India-made products. In the first quarter of the current fiscal year, exports to Japan, Korea, Australia, Mauritius, and Norway increased by 7.7%, 16.8%, 12.5%, 6.6%, and 17.3%, respectively. To further promote growth, the AEPC has requested government support in areas such as fabric import flexibility, Production-Linked Incentive (PLI) 2.0 for capacity augmentation, extension of interest equalization scheme for at least five years with a 5% increased rate for all exporters, Urban Area Employment Encouragement Scheme, and incentives for ESG compliance. The AEPC stressed the need for the right push and support from the government, especially considering the changing geo-political considerations and the world s search for alternative sourcing options. The labor-intensive sector has the potential to harness India s demographic dividend, making it crucial for the government to provide the necessary assistance for sustained growth in the RMG industry. The AEPC s call for government support and the industry s resilience amidst global challenges highlight the potential for India to become a major player in the global garment export market. With continued focus on product quality and compliance, the RMG sector is poised for high growth and increased trust

Source: bilkulonline.com
Published on 2024-09-21

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