The 71st edition of the India International Garment Fair (IIGF) was inaugurated today by Union Textiles Minister Giriraj Singh in New Delhi. The event, graced by prominent figures including Member of Parliament Ramesh Bidhuri, AEPC Chairman Sudhir Sekhri, international buyers, and exhibitors, aims to boost the Indian garment and textile industry.
India’s economic growth and textile sector ambitions
In his inaugural address, Giriraj Singh highlighted India's rapid economic growth, with a GDP growth rate of 7.2 per cent, and projected it to become the third-largest economy by 2027-28. He attributed this growth to a supportive political environment and enhanced infrastructure, fostering a conducive business ecosystem.
Giriraj Singh highlighted the significance of the fair in global trade, noting with pleasure that around 600 buyers from over 50 countries are participating in this edition of the IIGF.
Goals for the Indian textile industry
Singh outlined ambitious targets for the Indian apparel and textile market, currently valued at $165 billion, aiming to reach $350 billion. He urged the industry to elevate apparel exports to $50 billion by 2030. Singh also stressed the importance of promoting technical fibers and geo textiles, sectors identified for significant growth potential by Prime Minister Modi’s roadmap.
Competing globally and domestic strengthening
The Minister expressed his vision for India to surpass China in textile exports, noting rising costs in Bangladesh as an opportunity. He advocated for the development of small clusters for minor players to enhance ready-made garment (RMG) exports. Additionally, Singh called for the revamping of textile parks and promoting green textiles to sustain growth.
Singh encouraged the adoption of the 'hub and spoke' model to boost domestic manufacturing and industry collaboration. He underscored the necessity of establishing strong Indian brands and announced plans to revive the Scheme for Integrated Textile Parks.
Address by AEPC Chairman and future outlook
Sudhir Sekhri, Chairman of AEPC, acknowledged the challenges faced by Indian apparel exports due to global economic headwinds but highlighted a recent 9.8 per cent increase in exports in May 2024. He expressed confidence in overcoming these challenges under the leadership of Prime Minister Modi and Minister Singh.
Mithileshwar Thakur, Secretary General of AEPC, noted the optimistic forecast by the IMF, with the world economy expected to grow at 3.2 per cent in 2024 and 2025, and global inflation projected to decline. Thakur urged the Indian apparel industry to capitalize on these opportunities and expand its global footprint.
The IIGF will feature knowledge sessions on June 25 and 26, covering topics such as global trade challenges, manufacturing excellence, and sustainable fashion. These sessions aim to equip industry stakeholders with insights and strategies for growth.
Collective efforts and fashion showcases
Organized by the AEPC through the International Garment Fair Association (IGFA), in collaboration with the Clothing Manufacturers Association of India (CMAI), Garment Exporters & Manufacturers Association (GEMA), and Garment Exporters Association of Rajasthan (GEAR), the fair exemplifies the collective effort and teamwork within the industry. The 71st edition will also host two daily fashion shows from June 25 to 27, showcasing premier collections from exhibitors.
The India International Garment Fair continues to be a pivotal platform for the Indian textile industry, fostering international trade relationships and showcasing India's manufacturing prowess.
