INDIAN GARMENT INDUSTRY AT A GLANCE IN 2020 - 2021
Indian garments are known across the globe for fine workmanship and appeal. Indian garments have found their place in fashion centres around the world. India is the world's second-largest exporter of textiles and apparel with a massive raw material and manufacturing base. The textiles industry is a significant contributor to the economy, both in terms of its domestic share and exports. It contributes about 7% to industry output, 2% to the GDP and 15% to the country's total export earnings. The sector is one of the largest job creators in the country, employing about 45 million people directly.
Indian garment market is estimated at US$ 75 billion in 2020-21. The market fell 30% from US$ 106 billion in 2020 owing to the covid pandemic. The market is expected to recover and grow at 10% CAGR from 2020 to reach US$ 190 billion by 2025-26.
India’s garment exports reached US$ 33.5 billion in 2020. Due to the impact of Covid-19, India’s garment exports are expected to fall around 15% to reach US$ 28.4 billion in 2021. India’s exports of T&A are expected to grow to US$ 65 billion by 2025-26, growing at a CAGR of 11%.
Exports- The export of articles of apparel and clothing accessories during April–July 2020 was US$ 1.32 billion.
- Readymade garments (RMG) export from India stood at US$ 9.50 billion from April 2020 to January 2021 and for the month of January 2021 it was US$ 1.30 billion.
