The 44th Annual General Meeting (AGM) of the Apparel Export Promotion Council (AEPC) unfolded crucial insights into the challenges and triumphs of the Indian apparel industry. Despite global uncertainties marked by two wars and inflationary pressures, AEPC remains optimistic about India's apparel exports, showcasing resilience amid adversity.
Chairman Naren Goenka announced that Indian apparel exports demonstrated a remarkable growth of 30.35% in 2021-22 and 1.10% in 2022-23, defying the pandemic-induced stagnation in global demand. AEPC is now steering the industry towards ambitious goals, aiming to elevate India's apparel exports from the current $16-17 billion to $40 billion by 2030.
To achieve this target, AEPC outlined strategic initiatives:
1. Establishing an in-house Market Intelligence Cell.
2. Reinforcing traditional exports of cotton through initiatives like promoting Kasturi cotton.
3. Guiding the industry towards technical textiles, MMF, and new product categories.
4. Diversifying markets beyond EU and USA, with a focus on emerging markets in FTA countries, Australia, UAE, Latin America, and Africa.
5. Emphasizing Environmental, Social, and Governance (ESG) compliance and sustainability through the "Certificate Program on Sustainability."
6. Advocating for increased Foreign Direct Investment (FDI) in the garment sector to enhance competitiveness.
Chairman Goenka also urged the extension of the ROSCTL scheme, highlighting its crucial role in planning business consistently amidst challenging market sentiments. The AGM concluded with gratitude towards government support and a commitment to foster strategic partnerships for sustainable growth.
