Apparels

India’s textiles and apparel exports, including handicrafts, rose by 7 per cent to USD 21.35 billion from April-October FY 2024-25, led by Ready Made Garments. Imports in the sector declined slightly by 1 per cent in the same period. Cotton Textiles and Man-Made Textiles saw notable export increases.

Investment MoUs amounting to over Rs 18,500 crore have been signed for the seven PM MITRA Parks. The textile ministry has announced that infrastructure development has commenced, including the acquisition of 100% land and environmental clearances for several states. This initiative aims to bolster the textile industry’s contribution to India’s economy and exports.

India-EU FTA negotiations continue, promising benefits for Indian apparel exports, especially cotton products.
Potential trade creation could reach $161.14 million for cotton T-shirts alone.
EU consumers may gain $18.47 million in welfare.
While growth varies across EU markets, India must navigate challenges like cotton price volatility and competition.

Jewellers expect a significant growth in gold and silver demand by 2025, with gold potentially touching Rs 85,000 per 10 gm. Key drivers include rising awareness of sustainability, strong wedding demand, and geopolitical tensions. Despite price increases, India’s gems and jewellery market is anticipated to grow, driven by both local and global consumer demand.

India’s fashion industry is modernizing, blending tradition and innovation. It aims to capitalize on sustainability and global appeal. The collaboration between young designers and artisans is creating high-value products. The ready-to-wear segment and global luxury brands are expanding. Growing Tier 2 and 3 cities also drive growth. This landscape offers dynamic business opportunities.

The proposed PM MITRA park in Bhainsola village in Dhar district of Madhya Pradesh will attract an investment of over $1.17 billion, Indian Textile Minister Giriraj Singh has said.
The Madhya Pradesh Industrial Development Corporation is the project’s master developer.
Keeping in view the Bangladesh crisis, the Indian garment industry is augmenting its capacity, Singh added.

The Indian Garage Company (TIGC) has entered into offline retail with plans to establish 100 stores over two years. Adopting a COCO model initially, the firm will later expand through franchises. TIGC aims for profitability and sustainable growth, with future plans to enter international markets and diversify its product categories.

Vietnam’s leather and footwear industry is projected to earn $26-27 billion in export revenues this year, marking a $3-billion increase YoY, according to the Vietnam Leather, Footwear and Handbag Association.
North America led the export destinations, accounting for 41.4 per cent of footwear and 47 per cent of handbag exports, followed by the EU, with 29.5 per cent and 25.4 per cent respectively.

CITI has requested the government to introduce schemes to boost India’s textile and apparel exports to USD 100 billion by 2030, focusing on key markets like the USA and EU. Emphasizing strategic marketing, continuation of support schemes, and income-tax relief for MSMEs, CITI aims to enhance global competitiveness.

Jewelbox, a lab-grown diamond jewellery brand, plans to add 25 more stores by 2025, expanding its offline presence from the current 8 stores. The company aims to achieve Rs 150 crore in revenue by FY 2025-26. Jewelbox has seen significant growth in monthly revenue and is in talks to raise more funds to support its expansion.