The Ready-Made Garments Export Council (RMGEC) announced recently that exports of the sector increased by 12 per cent during the first five months of the current year to reach $645 million, compared with $575 million during the same period in 2017.
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Export of knitwear and readymade garments from Tamil Nadu fell by 5.6 per cent in 2017-18 owing to various reasons, including demonetisation, GST and global competition.
Vietnam’s textile and garment industry is expecting exports to reach up to $200 billion by 2035 thanks to investment in new technology and automation, and a shift in production methods.
Textile exports are likely to miss the $45 billion target for 2017-18, as the industry reels under the impact of GST roll out and tariff advantages enjoyed by competitors like Bangladesh and Vietnam, according to textile industry body CITI.
The special package was raised considering the fact that there were blockages of funds in previous year as very few GST refunds were cleared between July and December, says Avinash Mayekar.
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.
There has been an increase in Textile & Apparel (T&A) exports in November 2017 after witnessing decline since May last year.