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Apparel exports in November rose by 11.7 per cent to about USD 1.2 billion after declining for the last few months amid global challenges, export promotion body AEPC said on Friday.
Apparel Export Promotion Council (AEPC) Chairman Naren Goenka said that exports of ready-made garments (RMG) from India witnessed a rough patch in the past few months since most of the traditional markets such as the UK, the EU and the US have been witnessing recession and global headwinds, leading to falling demand in these countries.
Inflation and rising costs of raw material and freight, aggravated by the Russia-Ukraine war, added to the burden of exporters, he said.
“However, after a few months of slip, RMG exports have again turned positive signalling the resilience of the industry to adjust to the prevailing challenges,” Goenka added.
He also said that the target for apparel exports for 2022-23 is USD 17.6 billion against which “we have been able to achieve more than USD 10 billion during April – November 2022”.
The council has flagged certain issues with the government, the resolution of which will help in increasing exports.
The major issues include early announcement of the production-linked incentive scheme for apparel, extension of ATUFS (Amended Technology Upgradation Fund Scheme), RoSCTL (Rebate of State and Central Levies and Taxes) disbursements through bank transfer, and one time relaxation on account of bankruptcy / insolvency / discounting / cancellation of export orders, it said.
(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.)
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