As per A Sathivel, Chairman, AEPC, India will achieve its $400 billion merchandize exports target for the current fiscal. In December 2021, India’s monthly merchandize exports rose 37 per cent to $ 37 billion against $27 billion exports in December 2020. Sakthivel believes, newly introduced two mega schemes will help India reclaim its global leadership position in textiles and apparels. However, the PLI scheme will be more beneficial if the investment and turnover targets are reduced by 50 per cent as most players in the apparel industry are in the MSME segment, he adds.

Sakthivel also welcomed the 22 per cent increase in readymade garments exports which rose from $1.20 billion in December 2020 to $1.46 billion in December 2021. India’s total apparel exports stood at $11.13 billion during April-December 2021, adds Sakthivel. Exports in the first nine months of this fiscal increased 35 per cent to $8.22 billion between April-December 2020, this despite local restrictions impacting operations in the first quarter during the second wave of the pandemic.

India has a fast growing order book from brands and buyers across the world and will see historic heights in apparel exports in the coming months, claims Sakthivel.