Ministry of Textiles, India had set a target of US $ 20 billion for readymade garment (RMG) exports for the financial year 2016-17, out of which US $ 15 billion was for April-December period. AEPC (Apparel Export Promotion Council) reported that it has achieved US $ 12.42 billion till the end of third quarter which accounts for 82.8 per cent of the exports target.
According to AEPC, RMG exports got impacted due to several pervasive geopolitical and economic uncertainties. The USA has shown a negative growth in global exports, thus India’s exports to the country have also decreased.
Out of India’s top 10 products, 7 have shown decline during the review period. Changing economic conditions in the EU market have also affected India’s exports to the world’s largest economy.
RMG exports by India has decreased by 0.2 per cent compared to the same period of previous financial year. During April-December 2015-16, India’s apparel exports were to the tune of US $ 12.437 billion.