It is interesting to note that during the month, the apparel exports have grown at a whopping 54%, said Confederation of Indian Textile Industry (CITI) on Friday.
The exports of textile and apparel for October grew 38% to Rs 20,353 crore as against Rs 14,779 crore reported in the same month of 2017. It is interesting to note that during the month, the apparel exports have grown at a whopping 54%, said Confederation of Indian Textile Industry (CITI) on Friday.
Quoting the union ministry of commerce & industry, Sanjay K Jain, chairman, CITI, said the positive trend in exports for the entire textile value chain has been the result of CITI’s continuous persuasion with the government and pragmatic approach shown by the union minister of finance, union minister of commerce & industry and union minister of textiles on T&C industry issues especially post GST implementation.
The concerned ministries have also came forward with timely policy support and intervention to boost the industry which was under major stress, especially after the implementation of GST, he added.
According to the data, CITI said that the exports of cotton yarn/fabs/made-ups and handloom products during the period grew 25% to Rs 6,704 crore as compared to Rs 5,376 crore in October 2017.
The export of man-made fabs/yarn and made-ups during the month grew 31% to Rs 3,037 crore as compared to Rs 2,312 crore in October 2017.
Similarly, carpet and handicrafts export grew 52% and 24%, respectively to Rs 1,013 crore (Rs 668 crore) and Rs 1,078 crore (Rs 870 crore), respectively during the month, Jain said quoting the data.
While the whole of textiles saw 28% growth to R12,025 crore as compared to Rs 9,377 crore in October 2017, that of apparel exports stood higher at Rs 8,327 crore (Rs 5,402 crore), reporting a growth of 54%.
According to Jain, the confederation is delighted to see the positive IIP data.
“It is pertinent to mention here that the IIP production data for T&C also witnessed robust year on year growth during September 2018 as compared September 2017,” he said. Textiles and apparel industry saw a growth of 5.4% and 20.9%, respectively during September 2018.
He further said that the growing positive trend shows visible signs of recovery after a difficult period.
Industry is hopeful that government would take suggested measures to boost exports and limit imports.
“Gauging the current scenario, CITI is confident that in the coming months, with the government support, the industry would be in a much more comfortable position. Continuous growth in exports and IIP index would result in boosting employment, scaling up production and most importantly making ‘Make in India’ initiative a reality for T&C industry,” he added.
Source- Financial Express.