Garment exports have the potential to grow 25% next year: ITF
The Indian Texpreneurs Federation (ITF) projects a 25% growth in garment exports for next year, driven by trade agreements with the UK and EU. Despite recent declines in the US market, the industry is focusing on technology and productivity to regain competitiveness.
Why it matters
The garment sector is a significant contributor to India's economy, and its export performance directly impacts employment and industrial growth.
Garment exports have the potential to grow 25% next year: ITF COIMBATORE Indian garment exports have the potential for a 25% increase next year and will better performance in the three major markets - USA, UK, and the European Union. Prabhu Dhamodharan, convenor of the Indian Texpreneurs Federation (ITF), said in a press release that garment exporters are exploring new opportunities under the India–UK trade agreement, including setting up offices and design studios in London. Encouraging buyer responses will translate into higher orders from January. With regard to the European Union, implementation of the India–EU trade agreement next financial year will drive double-digit apparel export growth. In the American market, with tariff concerns easing, India has an opportunity to regain the recently lost 2% market share within the coming quarter. A limited India–U.S. trade agreement, if finalised, will eventually help raise India’s traditional market share from 6% to 8%.
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