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Indian home textiles industry banking on exports
Business from overseas markets has been a major contributor to the growth of Indian home textiles industry. Covid 19 and the US-China spat can be instrumental in further increasing India’s share in the global home textiles market, says Rakesh Rao.
Exports light up the market
In October 2020, the US issued a Withhold Release Order on cotton and apparel imports from specific producers in the Xinjiang Uygur Autonomous Region of China, escalating the already tense trade war between the two large economies.
Slower growth, but economic revival hopeful
Although India Ratings and Research (Ind-Ra) welcomes the recent measures announced by the government to arrest the economic slowdown, it believes they are likely to support growth only in the medium-to-long term.
Yuan devaluation to hit textile industry
The devaluation of Chinese currency yuan will have an adverse impact on India´s textiles exports and clothing, which is facing sluggish growth due to recessionary conditions in global markets. The surprise move by China to devalue its currency is a threat to the pace of India´s exports, according to analysts.
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