Investment & turnover targets for PLI scheme need to be lowered to benefit apparel producing MSMEs: AEPC Chairman

New Delhi, 4 Jan (KNN) The monthly merchandise export in December 2021 stood at USD 37 billion which is 37% higher than over $27 billion exports in December 2020. Commenting on this development, Dr A Sakthivel, Chairman of Apparel Export Promotion Council (AEPC) said, “Looking at the current trend, India will achieve the USD 400 billion merchandise exports target for the current fiscal.”

Highlighting the role of two mega schemes that will help India reclaim its global leadership position in textiles and apparels, he said that the PLI scheme will be more beneficial if the investment and turnover targets are reduced by 50% as most players in the apparel industry are in the MSME segment.

“Further, fast tracking of trade deals with the US, UK, EU and UAE will make Indian apparels far more attractive,” Dr Sakthivel added.

He also welcomed the export figures of readymade garments, which saw an increase of 22% to USD 1.46 billion in December 2021 from USD 1.20 billion in December 2020. The total apparel exports stood at USD 11.13 billion during April-December 2021, said the press release.

“Indian apparels have also bounced back. Exports in the first nine months of this fiscal year were 35% higher than USD 8.22 billion in April-December 2020. This is despite the fact that local restrictions impacted operations in the first quarter during the second wave of the pandemic. Apparel exporters have done exceedingly well in spite of challenges,” he added.

He claimed that India has a fast growing order book from brands and buyers across the world.

“I am sure that with the active support of Minister of Textiles, Commerce and Industry Piyush Goyal and driven by the strong demand conditions, Indian apparel exports will, too, see historic highs soon in the next coming months,” stated Dr Sakthivel.