Despite opening of markets in the western countries, India’s export of readymade garments (RMG) declined by 15 per cent in November 2023.

As per a report by the Indian Brand Equity Foundation (IBEF), India’s RMG exports declined from $10.36 billion in April-November 2022 to $8.84 billion in the corresponding months of 2023. Export of jute manufacturing, including floor covering, reduced to $234 million in April-November 2023 from $303 million in corresponding period last fiscal in same period. This also led to the ballooning of India’s trade deficit by 23 per cent Y-o-Y and 24 per cent M-o-M in November 2023.   

Export of handicrafts items dropped by 10 per cent to $1.04 billion during the first eight months of the current fiscal from $1.16 billion in April-November 2022.   

As per the IBEF report, growing a CAGR of 14.59 per cent, the Indian textile and apparel market size is expected to reach $387.3 billion by 2028 from $172.3 billion in 2022. The industry contributes 2 per cent to India’s GDP annually.   

Second largest employer after agriculture, the Indian textile industry provides direct employment to 45 million people and 100 million people in the allied sector. A few of the top textile and clothing manufacturing states in country include Andhra Pradesh, Telangana, Haryana, Jharkhand and Gujarat.