The exports of textile and apparel have shown an impressive growth of 38% during October 2018, said Confederation of Indian Textile Industry (CITI).
Reacting on the quick estimates released by Ministry of Commerce & Indsutry, DGCI&S for the month of October, Sanjay K Jain, Chairman, CITI said that the exports of textile and apparel stood at Rs.20,353 crore during October 2018 as compared to Rs.14,779 crore during October 2017.
It is noteworthy that over the same period apparel exports have grown at a whopping rate of 54%, he added.
According to the data, the exports of cotton yarn/fabs/made-ups and handloom products during the period grew 25% from Rs 5376 crore in October 2017 to Rs Rs 6,704 crore in October 2018.
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, as per the data released.
The textiles saw 28% growth while apparel exports stood witnessed the growth of 54%.
Chairman observed that 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 the issues of T&C Industry especially post GST implementation.
Expressing gratitude to Ministers for their timely policy support and intervention to boost the industry which was under severe stress especially after the implementation of GST, Jain said that the confederation is delighted to see the positive IIP data also.
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 added.
Textiles and Apparel has registered a growth of 5.4% and 20.9%, respectively during September 2018.
Chairman asserted 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, Jain is confident that in the coming months, with 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, said Jain.
Source: The Indian Express, India Saturday, 17 November 2018