Another year, another resolve forged with wisdom, accumulated experience and clearer vision. This is 2023. We have seen the worst, we have overcome obstacles from the most daunting to the phase blessed with flickers of hope and then to the realization of fruits of hard labour.
2022 was a year of caution and also of growth. India’s textile and apparel exports were $ 43 billion in 2021-22 and have grown at 3.7% CAGR since 2010-11.The exports are further estimated to grow at 9% CAGR from 2021 and reach 60 billion by 2025-26, says a report by FICCI and Wazir Advisors. And according to Retailers Association of India, in March 2022, apparel sales grew by 26% compared to what they were during the same period last year, while overall retail sales grew by 28% in the same period.
But 2023 has inherited a mixture of political uncertainty and bullish inflation. The takeaway from the conflict is that we are going to witness a further polarized world in which global trading in dollars will be reduced and readjust to globalization. However, the world, irrespective of who emerges stronger, will contribute to trade as it has always been.
In this backdrop, where is India positioned? It’s on the advantageous side. Being a lucrative market and sought by blocs, India is certain to witness inflow of long-term investment from global corporations as part of their relocation strategy.
This apparently means 2023 is definitely a year of opportunities and more, only if we play with greater caution and persistence. May 2023 be a year of prosperity, luck and success.