The exports of textiles item have increased to $35.67 billion in 2017-18. The Government has fixed export targets for textile and apparel including handicrafts for 2018-19 at $47.29 billion.
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After a staggering 38 per cent jump in October, India’s textile and apparel exports growth moderated to 14 per cent in November due to a sharp volatility in the rupee against the dollar.
Welcoming the new duty drawback rates, the Cotton Textiles Export Promotion Council (TEXPROCIL) said the revision will boost the exports of cotton textiles.
India held a special place in global textile trade as the second largest textile exporter in the world. Today, cotton yarn and fabric exports account for over 23 per cent of India’s total textiles and apparel exports.
India’s cotton textile exports grew by 26 per cent at $6,235 million in the first six months ended September 2018 and the on-going trade war between US and China will open up new export opportunities, the Cotton Textiles Export Promotion Council (Texprocil) said.
Vietnamese textile and clothing (T&C) enterprises are losing their competitiveness due to high costs of logistics services for exports, experts have said.
India’s trade deficit in July widened to the most in more than five years, worsening the outlook for the rupee that hit a record low a couple of days back.