In the financial year 2021-22, India achieved a growth of 30.4 per cent in garment exports. Industry experts said that garment exports rose in terms of value, though the volume of exports declined. The increase of cotton prices has further added up to the woes of the Indian Garment industry.
According to government data, garment exports not only increased by 30.4 per cent on annual basis, but also exceeded the pre-pandemic level in financial year 2021-22. Garment exports from India stood at $16.018 billion in the financial year 2021-22, while in financial year 2020-21, exports stood at $12.285 billion. The exports had fallen by 20.8 per cent in the FY 2020-21 due to the pandemic.
The Indian Garment Market reached a value of US$ 151.2 Billion in 2021. The market is to reach US$ 344.1 Billion by 2027, growing at a CAGR of 14.8% during 2022-2027.
The domestic garment industry in India contributes 2% to the country’s GDP, 7% of industry output in value terms. The share of textile, apparel and handicrafts in India’s total exports was 11.4% in 2020-21. India holds 4% share of the global trade in textiles and apparel. India is the 6th largest exporter of textiles and apparel in the world.
FDI in the garment and apparel industry in India has reached up to $3.9 bn till December 2021. India has a share of 5% of the global trade in garments and textiles.