Indian textile industry showing signs of recovery: CITI

Apparel exports grew by a whopping 54 per cent during the month to ₹8,327 crore from ₹5,402 crore in October 2017, CITI said citing data from DGCI&S.

“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 Union ministers of finance, commerce & industry, and textiles, on the issues of textiles and clothing industry especially post-GST implementation,” CITI chairman Sanjay K Jain said in a press release.

Jain expressed his deep gratitude to Union ministers for their timely policy support and intervention to boost the industry which was under severe stress, especially after the implementation of GST.

Meanwhile, the Index of Industrial Production (IIP) data released by the ministry of statistics, planning and implementation, IIP for the textiles and apparel registered a growth of 5.4 per cent and 20.9 per cent respectively during September 2018.

“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, I am 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 the textiles and clothing industry,” Jain said. (RKS)

Fibre2Fashion News Desk – India