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Tuesday, 21 June 2022

Indian apparel industry is on growth track – thanks to companies’ resilience and adaptation to the global pace

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Over the last few months, Apparel Resources (AR) has continuously reported the performance of Indian textile and apparel industry and the growth story continues even till the end of FY ’22. As per the official data of Ministry of Commerce and Industry, India’s textile and apparel sector registered the highest ever growth of 40.55 per cent in its exports and reached US $ 43.44 billion in FY ’22 compared to US $ 30.90 billion in FY ’21.

India has held superiority in the textile and apparel industry since decades, but the sector experienced a temporary dent between 2020 and early 2021 due to the widespread pandemic. It only required a mere push for India amidst globally reviving economic conditions and the country made sure to catch hold of the positivity and healthy demand both in overseas and domestic markets. And, the same can be seen in the latest statistics released both by leading textile and apparel companies as well as official channels. Over the last few months, Apparel Resources (AR) has continuously reported the performance of Indian textile and apparel industry and the growth story continues even till the end of FY ’22.

As per the official data of Ministry of Commerce and Industry, India’s textile and apparel sector registered the highest ever growth of 40.55 per cent in its exports and reached US $ 43.44 billion in FY ’22 compared to US $ 30.90 billion in FY ’21. Of total figures, the exports of readymade garments during FY ’22 were US $ 16 billion with an increase of 30.40 per cent over FY ’21.

In fact, Q4 ’22 proved to be a driving period for the growth of Indian garment factories when they clocked US $ 4.81 billion export revenues, noting 18.11 per cent Y-o-Y growth. Coupled with buoyed domestic demand for textile raw materials, the growth is even bigger if the apparel and textile industries are combined!

Leading from the front, India’s public limited companies such as Arvind Ltd.Siyaram Silk MillKPR MillGokaldas Exports and Welspun, along with other public limited entities such as PDS Ltd., Raymond and Maral Overseas, across the supply chain also showed positive results in the recently concluded Q4 of FY ’22, and complete financial year (see Tables 1, 2 and 3). And for some of the companies, the growth was phenomenal not only in terms of the top line but also the bottom line. The interesting aspect is that for a few vertically integrated companies, garment division performed extremely well.

Source : https://in.apparelresources.com/

    
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