Textiles Secretary Rachna Shah has proclaimed that the Government will organise efforts to improve India’s textile exports, which faced a successive decline in 2023-24.
The Central Government has put forward a target of attaining US $ 100 billion in textile product exports by 2030. Throughout April 2023 to March 2024, India’s joint exports of textiles and apparel fell by 3.24 per cent to US $ 34.4 billion, in comparison to US $ 35.5 billion in the previous fiscal year. In 2021-22, textile and apparel exports had reached records at over US $ 41 billion.
Shah shared, “The decline in textile exports in 2023-24 is in part due to challenges such as the Red Sea crisis.” In spite of current geopolitical challenges, some exporters have highlighted improvements in their order books in the first quarter, signifying the potential for better shipments in the coming months.
According to the Textile Secretary, “The Government intends to focus on products with high export potential via the production-linked incentive (PLI) scheme.”
Furthermore, Shah emphasised measures to support exports, including exploring new markets and exploiting free trade agreements (FTAs) with other countries.
She shared optimism about the position for textile exports, predicting higher demand and better order positions for apparel and made-ups in the near future. Nonetheless, India faces tough competition in the global garments trade from countries such as Bangladesh and Vietnam, which profit from lower labor costs and large operation footprints.
