India’s Readymade Garment Exports Likely To Cross $30 Billion By 2027: CareEdge Analysis
Having adequate raw material and a large labour workforce, India is well poised to grab the opportunity in the global RMG market.
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CareEdge Research Report
Though the Indian readymade garment exports have been stagnant at around $15-17 billion in the past five years ended CY21, multiple incentive schemes rolled out by the government, trade agreements with key nations and the declining share of China in the RMG market are likely to help India’s RMG exports to see a compound annual growth rate of 12-13% and surpass $30 billion by 2027.
This will help India to achieve an ambitious textile export target of $100 billion by 2030.
With a level-playing field due to trade agreements, India’s share in the UAE and Australian markets could rise and the free trade agreement with the UK (likely to be completed in CY23) will be a game changer.
However, challenges from competing nations such as Bangladesh and Vietnam remain as they have gained market share to some of the major export markets due to duty-free access amid China’s decline.
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