RMG exports registers 9.8% growth in November 2024
RMG exports are being aided by the government’s supporting policies for the clothing sector, which is supported by India’s inherent advantages in raw materials, design, and compliance: AEPC Chairman
Speaking on the impetus for export growth “India’s RMG sector is registering significant export growth signaling acceptability and rise in demand for made in India products globally,” said Shri Sudhir Sekhri, Chairman of the AEPC. Although total exports fell, clothing exports managed to withstand the challenges, demonstrating their ability to overcome the unfavorable circumstances. I’m optimistic that more companies will soon move to India as a result of shifting geopolitical dynamics.
India is well-positioned to profit from its natural capabilities and the robust policy framework that the Center and States have put in place to support them.India will undoubtedly experience significant development in the years to come because to its strong raw material base, end-to-end value chain capacity, and manufacturers that prioritize ethical and sustainable business practices. Shri Sekhri was added.
November 2024 had a 9.8% rise in RMG exports compared to November 2023 and a 6.6% decline compared to November 2022. Similarly, the total RMG exports for April–November 2024–25 total USD 9853.9 million, representing a 11.4% increase over April–November 2023–24 and a 4.9% decrease over April–November 2022–23.
“The growth for the month of November 2024 reflects the growing trust of the global brands for made in India products, especially looking at the uptick in festive season demand,” the Chairman of AEPC further underlined.
Shri Sekhri added, “Our major markets, the USA and the UK, are seeing a pick-up in growth. The fact that we are also seeing growth from our free trade areas, like Australia, Korea, Japan, Mauritius, the Netherlands, the United Arab Emirates, and others, makes me glad.
The chairman of AEPC urged foreign buyers to come to India and take part in Bharat Tex Expo 2025, which offers an excellent opportunity to view India’s whole textile value chain in one location. “International customers and retail chains have responded incredibly well to our visits to several countries during the Bharat Tex Roadshow. I have no doubt that this platform would foster excellent cooperation, broaden sourcing networks, and encourage foreign direct investment (FDI) in India.
The RMG sector has been expanding quickly, and India is quickly becoming the go-to sourcing location for major brands and foreign clients. The government’s assistance at this point might make all the difference. In order to counteract the high cost of capital, we have asked for both the continuance of the interest equalization program and an increase in the interest equalization rate to 5%. In addition, the PLI 2.0 system for all types of clothing is being implemented in response to our request. We hope that with support from the textiles ministry, this scheme will see the light of the day, which in turn will result in exponential growth in capacity expansion, Chairman AEPC observed.
