Apparel exporters’ body AEPCon Sunday said it is looking at new markets such as Latin America, Australia and Israel to push the country’s exports, which are expected to record healthy growth during the current fiscal and in 2022-23, even though rising raw material prices are impacting the industry.
AEPC(Apparel Export Promotion Council) Chairman Narendra Goenka said the Council is also engaging actively with Indian missions abroad to explore export opportunities for the sector.
“We are looking at new markets. Huge export potential is there for us. We are expecting to touch about USD 16.5 billion worth of exports in 2021-22 and USD 19 billion in 2022-23. We are on the cusp of good growth in apparel. We are also trying to create a brand India image for sustainable growth,” he told PTI.
He added that the production-linked incentive (PLI) schemes for man-made fibres and technical textiles will help attract investments and will push domestic manufacturing and in turn exports from the country.
Free-trade agreements, when implemented, with countries like the UK and the UAE will further help in boosting exports, he said.
However, the chairman said the biggest challenge being faced at present by the sector is rising prices of raw materials.
“For example, cotton yarn prices have gone up by about 70-80 per cent in the last one year. Global commodity prices are increasing.
“But, our country is also the biggest producer of cotton yarn. So, the advantage should have been with us,” Goenka, who is also managing director of Texport Industries, one of India’s largest apparel manufacturers, said.
He suggested that there is a need to have some stable raw material pricing as it will help the industry compete in global markets.
Source : Business Standard
