New Delhi, Mar 24 (KNN) With India achieving USD 400 billion merchandise exports, Apparel Export Promotion Council (AEPC) Chairman Narendra Goenka has pinned hope that India is set to become the world’s garment factory in next three years.

“Indian apparel exports is too set to witness exponential growth. The government has prepared the ground for fast growth in apparel sector with schemes like RoSCTL, PLI and PM-MITRA. These will further increase the production, employment and export capacity of one of the largest employing sectors with maximum women workforce,” he added.

Goenka congratulated and thanked the government and industry on the fulfilment of target and said, “From here, the growth rates are going to be exponential.”

He credited the various government incentives which helped boost manufacturing across sectors and the policy of Made in India for the world.

“Considering the ground work done by the government for building the capacity of domestic industry, signing of trade deals and the new entrepreneurial spirit in India, I expect merchandise exports to cross USD 500 billion in the coming fiscal,” he said.

Goenka highlighted how Indian readymade garments (RMG) exports have been able to strengthen its position in traditional export destinations of the USA, UAE, UK and France in 2021-22.

“With focus on manmade fibre (MMF) garments, sustainability and FTAs, Indian apparel sector will become the world's garment factory in the next three years,” he said. (KNN Bureau)