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Friday, 15 July 2022

Textile and apparel to contribute significantly in taking India’s overall exports to US $ 1 trillion by FY ’22: Report

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India’s total merchandise exports are expected to reach US $ 1 trillion by FY ’28, as per Bain & Company’s report ‘The Trillion-Dollar Manufacturing Exports Opportunity for India’.

India’s manufacturing exports have seen a CAGR of more than 15 per cent to reach US $ 418 billion of manufacturing exports in the fiscal year 2022.

According to the Bain analysis, textiles and apparels are going to significantly contribute in driving the total exports and will enable India to achieve its projection by FY ’28.

The report predicts India’s textile and apparel will reach US $ 95-110 billion by next 6 years which was US $ 44.40 billion in FY ’22.

Other sectors such as chemicals (US $ 110-130 billion), electrical and electronics (US $ 120-145 billion), automotive (US $ 45-55 billion), pharmaceuticals (US $ 45-50 billion) and industrial machinery (US $ 70-75 billion) too are estimated to contribute significantly.

“The positive developments in the manufacturing sector, driven by production capacity expansion, Government policy support, heightened M&A activity and PE/VC-led investment, are creating a robust pipeline for the country’s sustained economic growth in the years to come,” said Deepak Jain, Partner, Bain and Company and co-author of the report.

“India’s US $ 1 trillion manufacturing exports will be driven by growth in the priority sectors over the course of this decade. Chemicals, Auto, Electronics, Pharma, Textiles and Industrial Machinery will lead the growth due to their readiness in terms of export potential and will contribute 50-60 per cent share of manufacturing exports,” added Sushil Pasricha, Expert Partner, Bain & Company and co-author of the report.

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