India's apparel sector is expected to help significantly boost the country's merchandise

India's apparel sector is expected to help significantly boost the country's merchandise exports to US$1 trillion over the next seven years, according to the AEPC.

In the recent budget announcement for the next fiscal year starting April, India's Finance Minister Nirmala Sitharaman promised funding of 4,389.34 crore for the country's textile sector.

The Apparel Export Promotion Council (AEPC) said this latest budget allocation "will help the apparel industry focus on market and product diversification," reported Indian news portal Financial Express. Adding further, the Council said that India's merchandise exports will reach US$1tr by 2030, owing this contribution to the "labour intensive" apparel sector.

The statement was made following an address by Piyush Goyal, Minister of Commerce and Industry at Government of India, at Techotex 2023 organised by the Ministry of Textiles, Government of India and Federation of Indian Chambers of Commerce and Industry (FICCI) collaboratively.