According to a report from ICRA, investment information and credit rating agency, India’s apparel exports may reach US $ 20 billion next year as against US $ 16.5 billion last year. The report stated that China, Bangladesh and Vietnam were able to realize the benefits of the new trade arrangement (WTO’s agreement on textile and clothing) thereby increasing their share in global apparel trade substantially, India’s share had remained modest.
As income levels are going up, it is expected to maintain the growth rate over the medium term. As per the findings, the domestic apparel market has grown at a mean annual growth rate of 10 per cent over the last five years.
