India is set to witness a surge in its textile and apparel exports in the fiscal year 2023-24, according to the Apparel Export Promotion Council (AEPC). The AEPC expects the exports to exceed $50 billion, a significant jump from the $45 billion achieved in the previous fiscal year.
The main drivers of this growth are the high demand from key markets such as the US and Europe, which account for a large share of India’s textile and apparel exports. The AEPC projects a 10-12% rise in exports to the US and an 8-10% rise in exports to Europe in FY24.
Apart from the strong demand, other factors that will boost India’s textile and apparel exports in FY24 are:
The government’s initiatives, such as the PLI scheme, to support the textile and apparel sector.
The growing global popularity of Indian textile and apparel products.
The rising demand for eco-friendly and ethical fashion items.
The AEPC’s forecast of $50 billion in textile and apparel exports for FY24 is a positive sign for the Indian economy. The textile and apparel sector is a major source of employment in India, and its growth will create jobs and spur economic development.
