The Indian Government plans to give focused attention to promoting the country’s textile exports, which declined for the second consecutive year in 2023-24, according to Textiles Secretary Rachna Shah.
India’s textile and apparel exports fell by 3.24 per cent to $34.4 bn in the April 2023-March 2024 period, compared to $35.5 bn in the previous year. In 2021-22, exports from the sector stood at over $41 bn.
Shah cited challenges like the Red Sea crisis as contributing factors to the export decline last year. However, she noted that some exporters have reported improved order books in the first quarter of the current fiscal year, suggesting potential for better shipments in the coming months.
The government has set an ambitious target of achieving $100 bn in textile exports by 2030. To boost exports, Shah said the focus would be on products with higher global trade potential, aided by the Production Linked Incentive (PLI) scheme.
Other measures being considered include exploring new markets and leveraging opportunities from free trade agreements (FTAs) that India has signed with various countries. Despite geopolitical challenges, Shah expressed optimism about higher textile exports, citing improving global demand and order positions for apparel and made-ups in the first quarter.
India has been losing ground in the global garment trade to countries like Bangladesh and Vietnam due to factors such as lower labor costs and larger operational footprints, as well as benefits from FTAs.
