Exports in the textile and apparel industry have increased about 41% in April-December 2021 over last year, said the Union Ministry of Textiles.
New Delhi
Exports in the textile and apparel industry have increased about 41% in April-December 2021 over last year, said the Union Ministry of Textiles.
During April-December, 2021 the total textiles & apparel, including handicrafts exports, was $29.8 billion as compared to $21.2 billion for the same period last year. Compared to the pre-pandemic year, i.e., 2019-20, export for the textile sector (textiles and apparel including handicrafts) has increased by 14.6% from April-December 2021, as compared to April-December 2019. Specifically, textiles exports grew 31%, cotton yarn/ fabrics/ made-ups, handloom products 43%, and jute products 33% in April- December 2021 as compared to the same period in 2019-20. The robust growth signals an economic rebound, according to the Ministry of Textiles.
The government has envisioned a target of $44 billion for textiles and apparel exports, including handicrafts. Approximately 68% of the annual target has already been achieved. According to the ministry, the textile sector has continuously maintained trade surplus with exports manifold higher than imports.
In an address to the All India Textiles Association, Piyush Goyal, the Union Minister for Textiles, says that India can take up bigger and bolder targets — especially eclipsing the elusive target of $100 billion in textile exports.
Late in December last year, the government also approved the Production Linked Incentive (PLI) Scheme for Textiles. The scheme will promote production of man-made fabric (MMF) apparel, MMF fabrics, products of technical textiles, and will increase the global footprint of India in the aforementioned products.
Source: Fortune India
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