NEW DELHI: The Confederation of Indian Textile Industry (CITI) on Friday has elected Rakesh Mehra as Chairman, Ashwin Chandran as Deputy Chairman and Dinesh Nolkha as Vice Chairman for two years- 2023-2025.
The decision was made during the organisation’s 65th Annual General Meeting (AGM), held virtually.
In a statement, the apex body of textile industry said that Dinesh Nolkha has been elected as the vice-chairman at the 65th annual general meeting.
Mehra is the chairman of Banswara Syntex, an integrated textile manufacturer and exporter of yarns, fabrics and garments, having a turnover of Rs 1,400 crore, CITI said. He expressed his commitment to fostering collaborative and inclusive initiatives for the overall growth of the textile sector.
Reflecting on the industry’s recent challenges, outgoing Chairman T Rajkumar acknowledged the sector’s resilience, citing a 4.33% growth in the country’s cumulative exports of textiles and apparel in August compared to the previous year.
India aims to clock $350 billion in apparel and textiles market size including $100 billion exports by 2030. The aggressive pace and scope of the recent free trade agreements which are either signed up such as India-UAE CEPA, and India-Australia ECTA, or are under negotiations with the EU, UK, and Canada are indicators of this, he said.
Over the last one year, the textile and apparel industry across the globe has faced challenges due to stagnation in production and trade stemming from high volatility in raw material prices, uncertainties emerging due to geopolitical conflicts like the ongoing Russia-Ukraine war, reorientation of supply chains and high inflationary pressures in countries like the US and EU, which are major markets for Indian exporters. Exports of textiles and apparel from India declined by about 18% to reach $35.7 billion during FY23 as compared to FY22.
