Apparel Export Promotion Council (AEPC) Chairman Narendra Goenka has said that the Council is looking at new markets such as Latin America, Australia, and Israel to push the country's apparel 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.
Goenka said the Council is also engaging actively with Indian missions abroad to explore export opportunities for the sector. He said ‘we are expecting to touch about $16.5 billion worth of exports in 2021-22 and $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.’
AEPC Chairman has stated that the production-linked incentive (PLI) schemes for man-made fibers and technical textiles will help attract investments and will push domestic manufacturing and in turn exports from the country. He said free-trade agreements, when implemented, with countries like the UK and the UAE will further help in boosting exports. However, he said the biggest challenge being faced at present by the sector is rising prices of raw materials.
