Growth signals an economic rebound
Textile sector has continuously maintained trade surplus with exports manifold higher than imports. In FY 2020-21 there was a decelerationin textile exports due to pandemic disrupting the supply chain and demand.
However, signs of recovery are visible in 2021-22. During April-December, 2021 the total Textiles & Apparel including Handicrafts exports was US$ 29.8 billion as compared to US$ 21.2 billion for the same period last year. This implies robust growth of approximately 41% over last year. Growth signals an economic rebound.
Even compared to pre-pandemic year i.e. 2019-20 export for textile sector (Textiles & Apparel including Handicrafts) increased by 14.6% from April- December 2021 as compared to April-December 2019. Textiles exhibited an increase in export of 31%, Cotton Yarn/ Fabrics/ Made-ups, Handloom products etc. exhibited an increase of 43% and Jute products exhibited an increase of 33% from April- December 2021 as compared to April-December, 2019.
Government has set the target of $44 billion for Textiles & Apparel including Handicraftsand approximately 68% of annual target has already been achieved. The last quarter of FY always has higher activity than the earlier quarters. Hence industry is hopeful that targets will be duly met.
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Ministry of Textiles of the Republic of India published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 13:15:05 UTC.
