The textile industry has welcomed the passage of GST bill by Rajya Sabha, terming it as one of the biggest and transformational reforms in the economic history of the country and said it would pave the way for growth of exports.
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China continues increasing its share in global exports market, despite rumours that its grip on the export markets has been slipping. Only shift is in the product mix, which is becoming increasingly sophisticated and high-tech. Last year, China recorded its first decline in export value since the financial crisis of 2009.
The Textile Machinery Manufacturers´ Association (TMMA) (India) hosted a 55th Annual General Meeting on August 13, 2015 at Sunset Lounge, Hotel Trident, Mumbai.
Textile exports in 2014-15 registered a 3 per cent growth at $41.7 billion, against the targeted $45 billion. There was a significant uptick in the overseas sales of handicrafts (17 per cent), carpets (15 per cent), ready made garments (12 per cent), silk (13 per cent), and wool and woollen textiles (18 per cent).
Current cotton exports from India are lagging compared to last year. According to a recent statement from Mumbai based Cotton Association of India, the export demand for Indian cotton is limited at this point.
The exports of textiles and garments from Pakistan earned US$ 10.207 billion in the first nine months of fiscal year 2014-15 that began on July 1, 2014, according to the data released by the Pakistan Bureau of Statistics.
An expert panel constituted by the government on Monday submitted the draft of the new National Textiles Policy, which aims to achieve $300 billion exports by 2024-25, and creation of additional 35 million jobs by attracting investments.