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India notes decline in textile exports

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India has noted a decline of 4.5 per cent in its textiles export during April-December of 2016-17 fiscal. This was informed by Minister of State for Textiles Ajay Tamta.

“The exports of textiles during 2016-17 (April-December) were US $ 26 billion compared to US $ 27.2 billion during 2015-16 (April-December),” Minister of State for Textiles Ajay Tamta said in a written reply to Rajya Sabha.

He also said that during the three quarters of this fiscal, the total production of man-made fibre stood at 1,037 million kg while spun yarn production was 4,254 million kg.

Also ReadIndian textile and clothing industry to reach US $ 314 billion by 2025

To come out of this loss, textile industry wants Government to extend the Merchandise Exports from India Scheme (MEIS) and Integrated Environmental Solutions (IES) benefit to the textile industry to spur exports growth.

On the other hand, India’s apparel exports – amidst the weak and volatile phase in the global apparel trade, remained flat. India is expected to report a tepid growth of 1 per cent (in US $ terms) for second consecutive year in FY 2017. This trend, however, needs to be looked into in conjunction with the 1 per cent and 5 per cent declines in global apparel trade value in FY 2016 and FY 2015, respectively.

 

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