AEPC sees garment sector leading next wave of export growth
The Apparel Export Promotion Council is confident that the Indian apparel industry can significantly help the country to achieve its $1 trillion goods export target for 2030 and praised incentives listed in the new Union Budget.
“The government’s key initiatives such as trade agreement with Australia and the UAE and increase in funds will help us to focus on market diversification and product diversification,” said AEPC chairman Naren Goenka on February 23, the Press Trust of India reported. “As we look forward to the 46th year of this council, I can say with confidence that, in the coming years, we will be able to support the government’s efforts to make India a $2 trillion ($1 trillion goods and $1 trillion services) export target by 2030.”
The Union Budget for the upcoming 2024 financial year includes a number of schemes designed to boost domestic textile production, which the AEPC believes will aid the apparel industry’s focus on diversifying its products and the markets in which they are sold. The AEPC is also working to increase exports of Indian made apparel and promoted the industry in over 25 export destinations by holding promotional activities in the 2023 financial year.
The government’s ‘Make in India’ campaign is designed to boost exports and reduce the country’s dependance on imports across numerous sectors including the apparel and textile industries. The government also runs a production linked incentive scheme for various segments of the textile industry to boost manufacturing.
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