Rising cost of doing business over last several years has not only stalled fresh investment in the textile industry but also hampered the export growth and turn over.
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To grab the market share vacated by Chinese apparel manufacturers, India’s Clothing Manufacturers’ Association of India (CMAI) has signed a memorandum of understanding with China Chamber of Commerce for Import and Export of Textiles (CCCT) to explore potential areas of mutual co-operation for increasing apparel exports from India.
Cotton consumption this year will be the highest in six years. Total global consumption will be about 112 million bales (480 lbs each).
India jumped 16 places for the second year in a row to the 39th rank on the World Economic Forum’s (WEF) Global Competitiveness Index 2016-17.
Asian Development Bank has retained its projections for India’s economic growth at 7.4 per cent for the current financial year, 0.2 percentage points lower than what was clocked in 2015-16.
The predominantly cotton based Indian textile industry has been facing acute crisis during the last eight years due to high volatility in cotton prices especially during off season starting from May to September.
German government is providing Bangladesh with ?50 million in assistance to improve garment workers? skills, said commerce ministry sources.