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Indian Textile Industry Turnaround

Indian Textile Industry Turnaround


Indian Textile Industry Turnaround

Signs of worst are over for the textile industry. The industry sources claim the textile industry is expecting to grow by seven percent in this year. There is a decline in the garment and apparel imports in last year. Exports are rising. The textile export growth is 38{e7dc6fb6a411593559bed1d9924d8030d60fc3f24c9293f7c98c249df74a0c2f} in 2018 as compared to 2017 and in apparel  whopping 54{e7dc6fb6a411593559bed1d9924d8030d60fc3f24c9293f7c98c249df74a0c2f}. The notable reason, China is withdrawing in world trade with sluggish economic growth and Indians are filling the void.

Textile and apparel industry is the strength of Indian trade. Since the ancient times Indian textiles have ruled the world. Indian merchants established the good reputation of Indian textile product in west. Good reputation continued in British era too. The fertile land of India and weather are conducive to cotton crop. Cotton made the farmer of India rich and the weavers made their skills known to the rest of world. With changing times we have gained ability in poly cotton yarn and in pure polyester too.

In, the recent past the textile industry went through difficult times. This is because of the demonetisation and implementation of GST regime in the country. In demonetisation because of sudden withdrawal of cash from the market the textile industry faced huge problems. The retail textiles is more cash intensive and went into a state of recession in demonetisation. Then came the GST implementation again was a momentary setback when adjusting to the new tax laws. But the nightmare is over for industry. These trends are looking up at present.

Government decisions too are boosting the trade of textiles and apparel industry. Government increased the import duty on the foreign textile and apparel products. It made Indian products cheaper and fuelled the domestic trade. The parallel skilling programmes for the textile workers will help in reducing the skill gap. The capacity development programme under the project Samarth of textile industry has helped the textile industry in the big way. The devaluation of rupee in recent time by 9{e7dc6fb6a411593559bed1d9924d8030d60fc3f24c9293f7c98c249df74a0c2f} has come as blessings in disguise. It has made the imports dearer thus the traders are turning to indigenous manufactures for the existing product range. The refund of the excess of ITC by GST council has lowered the fabric costs by 3-4{e7dc6fb6a411593559bed1d9924d8030d60fc3f24c9293f7c98c249df74a0c2f}. With the good monsoon and higher MSP the rural demand is on the rise.

Industry is expecting more sops from government. The imports from Bangladesh are complete duty free. Industry expects government to impose the duty as China is dumping items through Bangladesh in the country. In addition, industry is expecting more incentives to boost the trends. Textile industry is a single largest provider of employment in the country. The high growth figures mean the increase in employment. It is of paramount importance for both the people and the government.

The textile and apparel segment is the jewel in the crown of Indian Industry. The need is nurturing it further to become major sustained revenue earner for us in future.

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