India Ratings and Research (Ind-Ra) has revised the textile sector outlook to improving for FY22 from negative, reflecting the likelihood of higher revenues and operating margins, post business disruptions led by COVID-19 in FY21.
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India Ratings and Research (Ind-Ra) has revised the textile sector outlook to improving for FY22 from negative, reflecting the likelihood of higher revenues and operating margins, post business disruptions led by COVID-19 in FY21.
Being a large manufacturer and exporter, the Indian textile industry has consistently been looked forward to – in terms of product, manufacturing processes and channels of sale.
The pandemic has brought about major changes across the globe. This health crisis has affected all across, manufacturing and textiles included. Volatility has become a synonym for market. However, there is a bright side to every challenge.
Textile industry plays a very important role in spinning the economy’s growth wheels by being the second largest employment generator (after agriculture) and accounting for seven per cent of industrial output in value terms, 12 per cent of the country’s export earnings and two per cent of India’s GDP.
An unanticipated outcome of COVID-19 has been India becoming an alternative to China for buyers worldwide in the global textile supply chain. But can India take the lead and seize the opportunity?
India’s Top 50 Textile Companies