Textile exports from India is likely to cross $100 billion from current $40 billion in the next five years, a top government official said on Tuesday.
“We should be in a position to breach $20 billion apparel exports by next fiscal or the year after that,” Union Textiles Secretary Upendra Prasad Singh said while speaking at the 44th foundation day of Apparel Export Promotion Council (AEPC).
He aded that the country’s textile exports can increase from the current $40 billion to $100 billion in the next five years, a textiles ministry statement said on Tuesday.
Singh said that the Indian apparel industry must focus on vertical integration to increase its scale and size and to benefit from the Production Linked Incentive (PLI) scheme.
“Aapparel and garmenting is not very investment centric but it is very important from employment point of view. Perhaps, there is a need for backward integration and more of you can get into integrated value-chain like spinning and weaving,” the textiles secretary said.
Virtually addressing the Foundation Day, Singh said that along with the PLI scheme, the government is committed to make the Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) scheme a success.
Idea is not to just have a world class infrastructure but also a thriving industry there, he said.
Stating that textile has always been among the top priorities of the government, the secretary said, “There are a lot of big opportunities. The demand continues to be robust and the China plus one sourcing strategy by the west is certainly a great opportunity for us.”
Singh said that it all depended on how good, efficient and integrated the Indian apparel industry is and how it increases its size and scale.
“AEPC has a big role to play. Let us not get into just the macro figure, let us get into the micro level. Let us go product by product and country by country,” he added.
AEPC is the official body of apparel exporters in India, under the aegis of Ministry of Textiles, which provides assistance to Indian exporters as well as importers or international buyers.
