The government has set an ambitious goal of reaching $100 billion in textile exports by 2030, and is taking targeted measures to address the challenges hindering growth, says Rachna Shah, Textile Secretary.
During April 2023-March 2024, India's textiles and apparel exports declined by 3.24 per cent to $34.4 billion, compared to $35.5 billion in the previous fiscal year. Attributed in part to challenges like the Red Sea crisis, this decline underscores the need for strategic intervention.
Despite geopolitical complexities, Shah noted that some exporters have seen improvements in their order books in the first quarter, indicating a potential upswing in shipments in the coming months. To capitalise on this momentum, the government plans to concentrate efforts on products with high export potential, leveraging schemes like the production linked incentive (PLI) scheme.
Furthermore, Shah emphasised exploring new markets and maximising the benefits of free trade agreements (FTAs) to expand India's textile exports. While acknowledging the competitive advantages of countries like Bangladesh and Vietnam in the global garments trade, Shah expressed optimism about India's ability to regain momentum, buoyed by improving global demand and positive early indicators in the sector.
