Addressing the 42nd annual general meeting of the Apparel Export Promotion Council (AEPC), its chairman A Sakthivel exuded confidence that apparel exports will significantly contribute towards achieving the target of $400 billion in merchandise exports this fiscal. Apparel exports during April-July 2021 rose by 91 per cent over the same period last year, he said.
India’s apparel exports are picking up with mass vaccination against COVID-19 in every Western market, he said.Addressing the 42nd annual general meeting of the Apparel Export Promotion Council (AEPC), its chairman A Sakthivel exuded confidence that apparel exports will significantly contribute towards achieving the target of $400 billion in merchandise exports this fiscal. Apparel exports during April-July 2021 rose by 91 per cent over the same period last year.#
“Exports to our major markets are increasing. Exports to the USA increased by 22 per cent during January-May 2021 as compared to the same period of previous year. India’s exports to EU [the European Union] grew by 22 per cent during January-April 2021 as compared to the same period of previous year. Exports to other markets like the UK, Saudi Arabia, Canada, Japan and Australia are also growing,” Sakhtivel said.
The government extending the Rebate of State and Central Levies and Taxes (RoSCTL) scheme till March 31, 2024, will ensure a stable and predictable policy regime and will boost exports by making Indian apparels globally competitive, he said.
The announcement of ₹1.97-lakh-crore production-linked incentive (PLI) scheme for 13 key sectors will increase investment, expand manufacturing capacities and enhance exports, he said.
“The fiscal stimulus of ₹10,683 crore to the textile sector in the PLI scheme is focused on man-made fibre (MMF) segment and technical textiles. This is a golden opportunity for many apparel exporters who are yet to foray into MMF garments,” he added.
Fibre2Fashion News Desk (DS)
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