The Union Finance Ministry will decide on extending the loan moratorium for the sector under the Emergency Credit Line Guarantee Scheme (ECLGS).
As of January 3, 2023, there were 300 ginners registered under the Kasturi Cotton Initiative, and India expressed its intention to enhance textile exports by promoting the initiative, aiming for a larger global market share.
The initiative, with its focus on branding, traceability, and certification, is now directed towards premium export segments. Rachna Shah, Textiles Secretary, mentioned that the overall exports were impacted by the COVID pandemic and geopolitical challenges, but signs of recovery are evident with increased demand. The Union Finance Ministry will decide on extending the loan moratorium for the sector under the Emergency Credit Line Guarantee Scheme (ECLGS).
In response to a question about seizing global market share from countries like Vietnam and Bangladesh, especially with the latter set to lose its Least Developed Country (LDC) status soon, the Secretary highlighted that India is already among the top 5 apparel exporting nations. She emphasised that more export opportunities are emerging through Free Trade Agreements (FTAs). While ensuring vigilant monitoring of import surges in all textile segments and strengthening value chains for raw materials, the Secretary pointed out that Quality Control Orders (QCOs) in viscose, polyester, and other segments are in place to ensure quality and prevent sub-standard imports.
Looking ahead to Bharat Tex 2024, scheduled from February 26th to 29th, Shah stated that the focus would be on investments and raw material sourcing. The conclave will also feature global players. To boost production, 1.2 lakh individuals were trained in 2023 under the government’s SAMARTH scheme, including 1.08 lakh women. The National Institute of Fashion Technology (NIFT) is exploring student exchange and skilling programs to expand India’s textile exports and infrastructure. NIFT is on track to sign a Memorandum of Understanding (MoU) with Australia and is actively seeking MoUs with other nations to comprehend global needs and enhance India’s exports.