Apparel export sector on path of V-shaped recovery: AEPC Chairman
Oct 16, 2020
New Delhi [India], October 16 : The Apparel Export Promotion Council (AEPC) Chairman Dr A Sakthivel said that the double-digit growth in apparel exports in September indicates that the sector has begun its V-shaped recovery and is going to get better.
"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," Dr Sakthivel said on Friday.
The Chairman thanked the Government of India and Minister of Textiles Smriti Zubin Irani, Minister of Commerce Piyush Goyal, Minister of MSME Nitin Gadkari and Minister of Finance Nirmala Sitharaman for leading the industry out of this crisis.
"It is all possible because of the positive steps taken by the Government of India 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.
"The apparel exporting industry has risen like a phoenix from the deep crisis because of the hard-working and ingenious apparel exporters, who must be complimented for their agility and enterprise for protecting both industry and jobs," Dr Sakthivel added.
Apparel exports saw positive growth of 10.22 per cent for September 2020 (USD 1,190 million) vis-a-vis USD 1,079 million in September 2019.
"The impact of the 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. The negative growth trend has been arrested after several months and a lot of lost ground will be captured in H2. Apparel exporters are walking through positive growth," Dr Sakthivel said.
