AEPC sets $40 bn exports target by 2030, aims to explore new destinations

Apparel exports are expected to reach $ 40 billion by 2030 on account of initiatives such as exploring new destinations and fostering strategic partnerships, AEPC said on Friday.

Apparel Export Promotion Council of India (AEPC) Chairman Naren Goenka said that to achieve this target, the council will focus on innovation, expanding market and product basket, practice sustainability and responsible business practices.

"We have set an ambitious goal of achieving apparel exports of $ 40 billion by the year 2030. This target, aptly named '40 by 30' reflects our commitment to reaching new heights and pushing our limits in the ongoing decade," he said in a statement.

He also said that Commerce and Industry and Textiles Minister Piyush Goyal will present exports awards to ready-made garment exporters on December 9 here.

The awards recognize contributions made by Indian apparel exporters in building modern enterprises.

"Apart from adding to the growth of our international trade, these exporters have contributed to India's image as a progressive member of the international business community and are role models for future generations of Indian exporters," Goenka added.

Exports of ready-made garments during Apr-Sep 2023-24 was $ 6.92 billion, down 15.3 per cent from year-ago period.

During financial year 2022-23, these exports were aggregated at $ 16.2 billion.