Decline In Textiles Exports Draws Government's Attention
Date
5/13/2024 2:34:38 PM
(MENAFN- KNN India) New Delhi, May 13 (KNN) The Indian government plans to give focused attention to promoting the country's textile exports, which declined for the second consecutive year in 2023-24, according to Textiles Secretary Rachna Shah.
India's textile and apparel exports fell by 3.24 per cent to USD 34.4 billion in the April 2023-March 2024 period, compared to USD 35.5 billion in the previous year. In 2021-22, exports from the sector stood at over USD 41 billion.
Shah cited challenges like the Red Sea crisis as contributing factors to the export decline last year.
However, she noted that some exporters have reported improved order books in the first quarter of the current fiscal year, suggesting potential for better shipments in the coming months.
The government has set an ambitious target of achieving USD 100 billion in textile exports by 2030. To boost exports, Shah said the focus would be on products with higher global trade potential, aided by the Production Linked Incentive (PLI) scheme.
Other measures being considered include exploring new markets and leveraging opportunities from free trade agreements (FTAs) that India has signed with various countries.
Despite geopolitical challenges, Shah expressed optimism about higher textile exports, citing improving global demand and order positions for apparel and made-ups in the first quarter.
India has been losing ground in the global garment trade to countries like Bangladesh and Vietnam due to factors such as lower labor costs and larger operational footprints, as well as benefits from FTAs.
(KNN Bureau)
MENAFN13052024000155011030ID1108207390
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.