ICRA, a leading rating agency, said that the textile industry’s performance will go back to pre-COVID levels in the next fiscal year owing to increase in demands from the domestic as well as export markets.
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Meanwhile, a FICCI survey says “the Indian economy is expected to grow at 7.4 per cent in the current fiscal, higher than the previous year.
Indian spinners are likely to see a gradual performance recovery beginning 2017-18 last quarter after facing multiple problems over the last several quarters that resulted in their profitability touching six-year lows in the previous two quarters, according to a report by credit rating agency ICRA. Cotton yarn demand is also expected to gather strength.
Indo Count Industries Limited, one of the leading manufacturer and exporter of bed linen and home textiles in India, has won the prestigious gold trophy for the “highest exports of cotton made-ups (bed linen/bed sheets/quilts)†for the year 2016-2017.
India’s apparel exports continue to remain volatile and unencouraging with the global apparel trade not showing any signs of uptick amid subdued demand trends in the key importing countries.
India’s textile exporters are finding their competitive edge getting blunt and profit margin thinner, thanks to a weak dollar, demonetisation after-effect and stiff competition from new textile nations. An Exclusive ITJ Report.
ICRA, an Indian independent and professional investment information and credit rating agency, opines that a 12 per cent (lower rate) recommended by the Dr Arvind Subramanian Committee will have a negative impact on the textile sector, especially the cotton value chain, which is currently attracting zero central excise duty (under optional route); unlike the man-made fibre sector, where the fibre attracts excise duty at the manufacturing stage (unlike cotton).