Dollar has been hardening, making Indian textile and clothing exporters happy. With negligible import content for the domestic industry, and the Government’s bid to curb cheaper import, good times are ahead, reveals the ITJ Cover Story.
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Like previous quarters, the biggest brand group – giant brands are growing the most, outgrowing recessionary trends.
The Southern Gujarat Chambers of Commerce & Industry (SGCCI) is organising the first edition of Yarn Expo 2018 from August 4-6, 2018 at the Surat International Exhibition & Convention Centre (SIECC), Sarsana, Surat. There will be around 80 exhibitors, all of whom are renowned yarn producing companies from all over India.
India’s apparel exports downturn may continue and is expected to decline by overall 10 per cent in FY19, a senior industry official said. In 2017-18 exports declined by 4 per cent to $16.7 billion.
The Budget 2018-19 is good in part for the textile industry thanks to corporate tax cut for MSMEs and higher allocation of ATUFS. The ITJ Cover Story takes stock of the Budget implications and the industry’s reactions.
Finance Minister Arun Jaitley in the Union Budget 2018-19 raised special package by 19 per cent to Rs 71.48 billion for apparel sector to boost exports. In 2016, the government had announced a special package of Rs 60 billion for the same purpose.
The year 2017 had a few demons that the textile industry needed to exorcise: Demonetisation and GST, which tore into the fabric of the small sector, the after-effects of which are still lingering on.