: Apparel industry should opt for backward integration to benefit from PLI scheme: Textiles Secretary #finance #StockMarketNEWS Apparel industry should opt for backward integration to benefit from PLI

Apparel industry should opt for backward integration to benefit from PLI scheme: Textiles Secretary #finance #StockMarketNEWS
Apparel industry should opt for backward integration to benefit from PLI scheme: Textiles Secretary New Delhi, Feb 23 (KNN) Textiles Secretary Upendra Prasad Singh has suggested the Indian apparel industry to focus on vertical integration to increase its scale and size and to benefit from the Production Linked Incentive (PLI) scheme.

He was speaking at the 44th Foundation Day of Apparel Export Promotion Council (AEPC).

“I understand apparel and garmenting is not very investment centric but it is very important from an employment point of view. Perhaps, there is a need for backward integration and more of you can get into integrated value-chain like spinning and weaving,” he added.

The Textiles Secretary also stated that the government is committed to make the Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) scheme a success, said the press release.

He further said that there are a lot of big opportunities and the demand continues to be robust and the China plus one sourcing strategy by the west is certainly a great opportunity for us.

“We should be in a position to breach USD 20 billion apparel exports by next fiscal or the year after that,” Singh said, adding that the country’s textile exports can increase from the current USD 40 billion to USD 100 billion in the next five years.

AEPC Chairman Narendra Goenka shared the journey of the AEPC since its establishment in 1978 from a quota monitoring and export promotion body to the Council that today offers services ranging from skilling, assessment, market intelligence, advocacy, capacity building programs on financial risks, compliance management, IPR issues, AI and technology driven production innovations, lean and six sigma, circularity, sustainability, among others.

Goenka listed down the key priorities for the apparel sector namely leverage policy support for improving scales, product diversification, leverage the upcoming FTAs, create new USPs based on sustainability and responsible business, use technology and AI for leaner supply chain, and better branding.

AEPC Vice Chairman Sudhir Sekhri delivered the vote of thanks, Past Chairman Premal Udani and said that India needs to build its size to be able to consume the raw materials produced in the country. While India may be behind Bangladesh and Vietnam in terms of apparel exports, the country is ahead of them in net exports, he said. (KNN Bureau)