'Apparel exports to see V-shaped recovery'

Top Stories

»	India, Slovenia express optimism for early conclusion of EU FTA
»	Piyush Goyal urges CAIT to organise 'biggest-ever Swadeshi Mela' with ITPO
»	India sees big scope for tie-up with Canada in critical minerals, clean energy: Piyush Goyal
»	PM Modi calls for global AI compact at G20 summit; announces summit in India
»	Bitcoin heads for worst monthly slump since 2022 as crypto rout deepens

SME Times News Bureau | 17 Oct, 2020
Apparel Export Promotion Council (AEPC) Chairman, A. Sakthivel on Friday said that the double-digit growth in apparel exports in September indicates that the sector has begun its 'V-shaped recovery' and will improve further.

"Apparel exports rose for the first time this fiscal in September. The steep recovery from 90 per cent fall in April to 10 per cent rise last month corroborates our belief that the apparel sector is already on the path of V-shaped recovery," he said.

Thanking the Centre for helping the industry come out of this crisis, Sakthivel noted that it has been possible because of the positive steps taken by the government, especially the Ministries of Textiles, Commerce, MSME and Finance.

"Pro-active government with dynamic ministers and supporting policies, our foray into medical textiles and positive sentiment towards India are making the revival strong," he said.

Apparel exports saw a positive growth of 10.22 per cent for September 2020 ($1.19 billion compared to nearly $1.08 billion in September 2019.

"The impact of pandemic on apparel exports had been severe. However, we believe this turnaround with a positive growth of more than 10 per cent will only increase as we go forward in the second half of the fiscal," he added.

According to Sakthivel, the negative growth trend has been arrested after several months and a lot of lost ground will be captured in the second half of the current fiscal.