News Tags

Related Keywords: accounts industrial output, export earnings, export of readymade garments and made-ups, increase dependency on US markets, Indian textile and clothing sector, post-Brexit turmoil in Europe, provides livelihood support, the US most important export market, TPP hurt Indian trade, Transpacific Partnership Pact, Yarn forward rule

Textile and clothing sector accounts for roughly 5 percent of India’s GDP, 15 percent of its industrial output and export earnings and provides livelihood support to 55-60 million people directly or indirectly. With India not a party to the Transpacific Partnership Pact (TPP) comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the US. TPP will hurt India’s trade with its most important export market — the US.

Related Keywords: absence of adequate policy support, adverse impact of preferential access, as cost of funds, exports against last fiscal year, including cotton yarns in the MEIS, Indian textile and clothing sector, interest equalization scheme, likely to slowdown further, marginal decline, need to address issues related to exports, sign Indo EU FTA, Texprocil

The country's total exports of textiles and clothing in 2015-16 stood at USD 40 billion as against USD 41.4 billion in 2014-15, a marginal decline of 3.4 per cent. In the absence of adequate policy support textile sector likely to see further slowdown in outbound shipments, according to industry body.

Textile Export Promotion Council (Texprocil) Chairman R K Dalmia said in a statement that some of the issues relating to exports such as cost of funds and adverse impact of preferential access given to competing countries need to be addressed immediately.

Related Keywords: cotton yarn sector, decline in demand from China, garment and home textile export, in exports, Indian textile and clothing sector, major market for cotton and yarn exports, need support to upgrade technology, see slow growth, to be good

The Indian textile and clothing sector likely to see slow growth in exports this year, especially sectors such as cotton yarn due to decline in demand from China, according to industry sources. Last financial year it had registered 41 billion dollars worth exports.

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.

Related Keywords: FICCI, Indian textile and clothing sector, new textile policy, textile export, Textile Minister

Federation of Indian Chambers of Commerce (Ficci) envision textile sector to touch $145 billion of export in the next ten years with the support of the new textile policy.