By Karthik Muthuveeran
The Indian textile industry is currently on a roll. The textile industry?a leader among major industries in India?has overtaken Germany and Italy to be the world No. 2 in textile exports, but it lags behind China, whose exports are whopping seven times higher, according to a data released by the Apparel Export Promotion Council, the industry body for garment exporters.
The Indian textile industry largely depends upon the textile manufacturing and exports. Exports definitely plays a prominent role in the economy of the country as India earns about 27 per cent of its total foreign exchange through textile exports. In India, exports of textiles have increased steadily over the last few years, particularly after 2004, when textiles exports quota stood discontinued.
Cotton fabric exports grew 19.90 per cent to $8.07 billion in the first 11 months of 2013-14, accelerating from 8.30 per cent growth in the same period of 2012-13. Cotton garment exports grew 8.14 per cent to $8.15 billion and synthetic fabrics and made-ups grew 12.95 per cent to $4.63 billion in the first 11 months of 2013-14 against contractions of 14.19 per cent and 12.47 per cent, respectively, in the comparable period of 2012-13.
Not only exports, India?s textile production grew 4.6 per cent in April-February 2013-14 even as the index of industrial production shrank by 0.1 per cent. Recovery in merchandise exports overall was slow in 2013-14, despite the rupee?s depreciation. Exports rose just 4.43 per cent to $281.82 billion in April-February 2013-14 against a 2.62 per cent decline in the corresponding period of 2012-13.
For a detailed feature on textile industrys performance with analysis, read July 2014 print edition of The Indian Textile Journal
To Subscribe: Click Here