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 "Textile, Textile industry, workers")
Readymade textile industry | Photo: Shutterstock
The country’s readymade garment exports (RMG) in August rose by about 12 per cent to $1.26 billion despite global headwinds and challenges such as high logistic cost, according to the commerce ministry data.
Cumulatively, RMG exports during the April-August period of 2024-25 grew by 7.12 per cent to $6.39 billion.
Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri said that exports are keeping the growth momentum despite global headwinds, persisting Red Sea crisis and other challenges such as high logistic costs.
“Growing at an average of 7.12 per cent in the last five months (April to August 2024-25), the RMG exports have bucked the trend of falling merchandise exports which touched a 13-month low in August,” he said.
He added that with focus on product quality as well as environmental and social compliance, the industry is poised to take a leap into high growth trajectory and be a major global player of garment exports.
“I am hopeful that the growth momentum will continue. While the global garment sourcing is realigning itself, we are ready to play a significant role. The long-term policy support for garment exports related schemes will provide stability in the policy regime and will help further thrust garment exports from the country,” Sekhri said.
The council has made a submission to the government for providing flexibility in fabric import, PLI 2.0 for capacity augmentation, and extension of interest equalization scheme for at least five years with an increased rate of 5 per cent for all exporters.
Mithileshwar Thakur, Secretary General, AEPC stated that in recent months, RMG exports have demonstrated a positive trend.
“FTA (free trade agreement) partner countries like Japan and Korea have also started yielding positive results. Our exports to Japan, Korea, Australia, Mauritius and Norway have also grown in the first quarter of this fiscal year,” Thakur added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 19 2024 | 4:56 PM IS
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