The Confederation of Indian Textile Industry (CITI) recently cited that India’s apparel and textile sector is on its way towards a turnaround, as the apparel exports are expected to grow 7 per cent in the current year.
According to the data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), textile and apparel exports increased by 11 per cent last month to Rs. 19,636 crore over the same time period last year, Sanjay Jain, Chairman, CITI elucidated.
Notably DGCI&S comes under the commerce ministry and is accountable for collection, compilation and dissemination of the nation’s trade statistics and commercial information.
Furthermore, the overall growth in exports during April-July this year was noted at 3 per cent as compared to the same time during the previous year. The man-made fibre segment which is touted as the driving force for the industry in time to come has seen a significant rise in its manufacturing.
While marking out the fact that the growth in imports in the apparel and textile sector has fallen significantly, CITI’s chairman said in a statement issued that “The imports of T&C (Textiles and Clothing) rose from US $ 1.78 billion in April-June 2017 to US $ 1.87 billion in the same period in the current year. However, an increase of 5 per cent did take place but it is significantly lower than the 16 per cent that was registered in 2017. The government is taking measures to increase the import duty on several textile and apparel goods which will help in further reducing the imports in coming time.”
Jain further, put forth RBI’s Financial Stability Report – June 2018 which stated that the stressed advanced ratio of textile sub-sector has also indicated signs of recovery, as it went from 23.7 per cent in September last year to 22.3 per cent in March this year.
