India's Apparel Exports to Reach USD 40 Billion by 2030: Goyal

New Delhi, Dec 8 (PTI) Commerce and Industry Minister Piyush Goyal on Friday exuded confidence that the country's apparel exports would reach the target of USD 40 billion by 2030.

He said that the government is taking steps to promote exports such as entering into free trade agreements and promoting brand India.

The minister also asked the apparel exporters to procure raw materials from Indian players and not depend on "opaque" foreign suppliers and suggested not to fall for "predatory products".

"USD 40 billion target by 2030 is clearly achievable," Goyal said here while awarding apparel exporters.

Speaking at the event, Apparel Export Promotion Council of India (AEPC) Chairman Naren Goenka said that the sector exports grew at a rate of 30.35 per cent in 2021-22 over 2020-21, and 1.10 per cent in 2022-23 over 2021-22.

"We are vigilant of the fact that India's apparel exports have been constant to the tune of 3-4 per cent of global export share during past 3-4 years and hence AEPC has been very proactive to take the existing exports of USD 16-17 billion to USD 40 billion by 2030," Goenka said.

AEPC has created an in-house Market Intelligence Cell to keep the track of trends in import demands forecasted for 2030 and the efforts have been taken at various fronts to hand-hold the industry.

He added that so far the exports have been primarily concentrated to the EU and the US, AEPC has been taking various steps to help the industry to diversify its focus to new emerging markets such as Australia, UAE and also Latin America and Africa region.

Companies which received awards included Shahi Exports; Richa Global Exports; Jyoti Apparels; and First Steps Babywear.