The Indian textile and clothing sector, which registered 41 billion dollars worth exports last financial year, might not see high growth in exports this year, according to industry sources.
The sources told The Hindu here recently that segments such as garments and home textiles had seen growth in exports. However, sectors such as cotton yarn had seen exports slowing down because of decline in demand from China.
The sources said that China was one of the major markets for cotton and yarn exports from India. Though textile mills were now exporting to countries such as Bangladesh, Vietnam and Cambodia, the demand from China was huge. This year, the industry expects export demand to be good for segments such as garments. However, the demand for yarn should increase in the overseas market. Hence, the export growth might be flat this year for the entire sector, the sources said.
Nearly 35 per cent of the country’s annual textile and clothing production is exported. In some countries, the average import duty on these products is high and hence, the industry needs support to upgrade technology, improve its efficiency and competitiveness.
Source:- thehindu.com
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