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India's garment industry growth to halve amid US tariffs
The Daily Guardian
|August 27, 2025
The revenue growth of India's readymade garment (RMG) industry is expected to slow sharply to 3-5 per cent this fiscal, nearly halving from last year's levels, according to a report by Crisil Ratings.
The report added that this will impact the credit indicators for industry participants, as well as a drop in profitability.
The impact will vary by company, some of which get more than 40 per cent of their revenue from the US, the report added, based on the analysis of over 120 RMG makers, with total revenue of Rs 45,000 crore.
RMG exports totalled USD 16 billion last fiscal and accounted for 27 per cent of the RMG sector's revenue (see chart 1). A third of the exports were to the US. The 50 per cent tariff puts India at a distinct disadvantage compared with competing nations like China, Bangladesh and Vietnam.
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