Home » India’s Textile Export: AEPC Chairman Targets $40 Billion in Next Decade

India’s Textile Export: AEPC Chairman Targets $40 Billion in Next Decade

by Sana Gori
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Piyush Goyal, the Union Minister for Textiles, Commerce, and Industry, recently awarded the prestigious ‘AEPC Excellence Honours’ to RMG exporters, setting ambitious goals for India’s textile exports. The awards, covering 2021-22 and 2022-23, recognize outstanding contributions by Indian apparel exporters. Goyal’s vision includes achieving a $40 billion target for Ready-Made Garment (RMG) exports by 2030, aligning with Prime Minister Narendra Modi’s vision for a developed India by 2047.

Goyal’s Vision: A Fitting Tribute to PM Modi’s Goals

Goyal emphasized the significance of the “40 by 30” target, asserting that reaching $40 billion in RMG exports by 2030 would be a game-changer for the textile industry. He underscored the government’s commitment to promoting exports through initiatives like free trade agreements and enhancing Brand India’s global presence.

Goyal urged apparel exporters to prioritize domestic raw material procurement, discouraging dependency on foreign suppliers with “opaque” practices. Emphasizing the need for a robust domestic supply chain, he encouraged mutual support among industry players for the long-term health of India’s textile ecosystem.

Aatma Nirbhar Bharat: Goyal’s Clarion Call for Industry Integrity

Highlighting the essence of Aatma Nirbhar Bharat (Self-Reliant India), Goyal clarified that it is not about isolation but fostering a robust domestic ecosystem. He commended the industry’s role in achieving a 55% growth in exports, reaching $776 billion in both merchandise and services between 2021-23.

The event commenced with a theme-focused group discussion on topics like enhancing competitiveness, industry-academia collaboration, exploring new avenues with Man-Made Fibers (MMF), and achieving compliance and sustainability. The subsequent power group discussion delved into critical issues with prominent industry figures.

AEPC Chairman’s Optimism: India’s Decade in Textile Exports

AEPC Chairman Naren Goenka expressed confidence in India’s textile exports dominating the next decade. Setting a target of $40 billion for RMG exports, Goenka highlighted India’s abundant raw material availability, shorter lead times, and the government’s role in securing market access through strategic FTAs.

India's Textile Export

While celebrating the industry’s success, Goenka acknowledged challenges in export competitiveness, including poor Economies of Scale and limited infrastructure investment. He stressed the need for vertical integration and increased capacity for technological advancements in the sector.

Government’s Mitigation Plans: PM MITRA Initiative

Responding to industry concerns, Shri Rohit Kansal, Additional Secretary, Ministry of Textiles, outlined the government’s PM MITRA initiative. Geared towards addressing scale, investment, and infrastructure challenges, the initiative aims for a $10 billion investment in a vertically integrated park, fostering growth in the textile sector.

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