Investments, innovation, integration with value chains to help apparel sector register healthy growth: APEC

Healthy investments, innovation and integration with value chains will help India’s textiles and apparel sector to register healthy growth in manufacturing and exports, AEPC said on Tuesday. Newly appointed secretary general of the Apparel Export Promotion Council (AEPC) Mithileshwar Thakur said the focus should be on building scale, skill and technology besides diversification of products basket and strengthening of Brand India.

“My mantra for the exponential growth of the Indian Textiles and Apparel sector is investment, innovation and integration of the value chain. The idea is to align the industry’s approach with the government’s vision to make India a favoured textiles destination,” he said in a statement.

Before joining the council, Thakur served as Additional Director General in the Ministry of Commerce and Industry.

The apparel exports increased by 1.1 per cent to USD 16.20 billion in 2022-23 from USD 16.02 billion in 2021-22.

According to the council, the all-time high exports of USD 447 billion in 2022-23 is an indication that the Indian export sector is getting more and more resilient and is capable of withstanding challenges posed by an adverse global economic environment.

India ramped up its global apparel exports in 2022-23 despite the Russia-Ukraine war, sluggish demand for apparel in major garment importing countries, stiff competition by other major apparel manufacturing countries and volatility in raw material prices at the beginning of the year, it added.