Representative image Former Union minister P Chidambaram has suggested that there must be technological upgradation, lesser tariff control, and upscaling of the garment manufacturing units for the growth of the apparel sector in the country. Noting that the Union govt has not taken steps to facilitate the growth of the apparel industry, despite declining exports,…
Representative Image New Delhi: The Indian textile industry is set to experience developments in 2024, driven by improving demand in export markets, resilient consumer spending in key sectors, and favourable geopolitical conditions, according to the B&K Securities report. In the ready-made garments (RMG) sector, the demand offtake in export markets is anticipated to show substantial…
Representative Image India’s textile industry is on the brink of expansion, with total textile exports projected to reach USD 65 billion by FY26, according to Invest India. Invest India posted on X, “PM Modi’s bold ‘#fibretofashion’ vision is guiding the #textileindustry to become a driving force in the global market while bringing competence & technology…
India is the world’s sixth largest textile and apparel exporter having an 11.4 per cent share in India’s overall exports. The government aims to achieve $600 billion of textile exports by 2047 from $44 billion in FY22. However, this one’s a bumpy road for the Modi government. Will Budget 2024 be able to push the…
Sivaramakrishnan Ganapathi, MD, Gokaldas Exports, says this year on the low base of last year, there is a growth. Also, the retail-led demand continues to pull up the sector and there is also a move from Western companies to source more from India and that is getting more pronounced when the demand is coming back,…
New Delhi, June 16 (IANS) India’s textile exports grew by 9.59 per cent in May this year compared to the same month of the previous year, despite unfavourable economic conditions in major markets such as the European Union (EU), the US and West Asian nations, according to a report by the Confederation of Indian Textile…
Representative image India‘s textile exports experienced a setback for the second consecutive year in 2023-24, reported TOI on Friday. The decline can be attributed to geopolitical tensions casting a shadow on the global economy. In the fiscal year 2023-24, exports amounted to $34.4 billion, marking a decline of over $1 billion (3%) compared to the…
Representative image The Synthetic and Rayon Textiles Export Promotion Council has sought higher duty drawbacks, rebates of State and Central taxes and levies (RoSCTL), and Remission of Duties or Taxes on Export Products (RoDTEP) citing delays and steep increase in freight rates and insurance premium due to the crisis in the Red Sea. Red sea…
LONDON: Extreme heat and flooding could erase $65 billion in apparel export earnings from four Asian countries by 2030, as workers struggle under high temperatures and factories close, research from Schroders and Cornell University showed on Wednesday. The study also mapped out the supply chains of six unidentified global apparel brands operating in the four…
