The RMG export performance for November 2024:
Regarding the export growth momentum Sudhir Sekhri, Chairman of AEPC, stated, “India’s RMG sector is registering significant export growth signaling acceptability and rise in demand for made-in-India products globally. While the overall exports declined, apparel exports withstood the headwinds, showing the resilience to buck the adverse situation.
I am hopeful that with the changing geopolitical equations, a lot more business will shift to India soon."
"With India’s inherent strengths and strong supportive policy framework by the Centre and States, India is poised to reap its benefits. ”With end-to-end value chain capability, a strong raw material base, and factories focusing on sustainable, responsible business practices, India will surely see substantial growth in times to come. Sekhri added."
RMG exports for November 2024 have increased by 9.8 % as compared to November 2023 and decreased by 6.6% as compared to November 2022. Similarly, cumulative RMG exports for the period April-November 2024-25 is USD 9853.9 million, showing a growth of 11.4% over April-November 2023-24 and a decline of 4.9% over April-November 2022-23.
Further, Chairman AEPC emphasized, “The growth for the month of November 2024 reflects the growing trust of the global brands for made-in-India products especially looking at the uptick in the festive season demand.”
Further, Sekhri said, “The growth in the USA and UK is picking up which are our top markets. I am happy to see that we are also witnessing green shoots from our FTA markets such as Australia, Korea, Japan, Mauritius, Netherlands, UAE, etc.”
Chairman AEPC appealed to international buyers to visit India and participate in Bharat Tex Expo 2025, which is a great platform to see India’s entire textiles value chain under one roof. “We have been to various countries during the Bharat Tex Roadshow and have received phenomenal responses from international buyers and retail chains. I am sure this platform will enable great collaboration and expand sourcing networks while promoting foreign direct investment (FDI) in India.”
The RMG industry has been making rapid strides, and India is fast emerging as the preferred sourcing destination for international buyers and big brands. The support of the government at this juncture could turn the table. We have requested not only the continuation of the interest equalization scheme but also for enhancement of the interest equalization rate to 5% to offset the high cost of capital.
Besides, implementation of our demand for the PLI 2.0 scheme for all kinds of garments. We hope that with support from the textiles ministry, this scheme will see the light of day, which in turn will result in exponential growth in capacity expansion, Chairman AEPC observed.