Severe competition on global level and lack of initiatives and direction on the domestic front have made a dent in India´s textile exports with a dip in figures for FY 2014-15, diminishing the scope of achieving the cherished goals. S Joseph & M Karthik take an overall look at the scene.
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Despite some reduction in the export of Italian textile machinery to the traditional markets of China, India and Turkey, Italian textile machinery industry is optimistic of the rest of the 2015 and 2016 and is also having a positive outlook on the long-term prospects.
Cotton imports by China in June have fallen by 26 per cent already. The see-sawing of prices in major countries including India is causing a lot of anxieties. Chinese prices are under pressure from significant left-over commercial stocks as well as sales of state reserve cotton, kicked off recently.
Knitcon-2015 was a day-long conference organised for the first time in the eastern region by the Federation of Hosiery Manufacturers Association of India (FOHMA) in association with West Bengal Hosiery Association (WBHA) and Bengal Hosiery Manufacturer Association (BHMA).
The government has announced a revised list of textile products eligible for benefits under Merchandise Export from India Scheme (MEIS).The fresh list issued by the DGFT included exports of cotton fabrics to Bangladesh and Sri Lanka for 2% credit benefits, but excluded value-added items like knitted fabrics under MEIS scheme.
India´s economic growth has been accelerating in recent years, although it is still below the 10 per cent rate achieved in fiscal year 2010-11. Under the newly-revised series of national accounts released in January 2015, real GDP growth was 6.9 per cent in 2013-14 and estimated to be around 7.4 per cent in 2014-15; these revised figures show a more positive trend and outlook than that based on the previous series.
Trade encouragement policies of the western countries, availability of cheap labour and low energy costs have provided Bangladesh with huge potential in the global clothing market, especially in EU and the US, feel Rakesh Kumar Goyal and Dr RP Agarwal