The Union Textile Minister Smriti Zubin Irani recently announced that India is placed at the 2nd position as the largest exporter in the international textile trade, as cotton and yarn exports accounted for more than 23 per cent of the country’s whole textile and clothing exports.
The Union Minister further added that the Cotton Textiles Export Promotion Council (TEXPROCIL) must also focus at channelising the development in the MSME sector because one-third of its members come under the MSME category. “This has become more relevant in the light of the announcement made by the Prime Minister on 2nd November 2018 for the MSME sector,” she said.
Furthermore, elucidating on the ongoing US-China trade war, Ujwal Lahoti, Chairman, TEXPROCIL cited that it can open up many opportunities for Indian traders and there is a need to stay ready to explore the upcoming changes.
It is pertinent to add here that TEXPROCIL presented 56 awards across 32 categories this year during the TEXPROCIL 2017-2018 awards.
Notably, even after the rise in cotton and yarn exports, this year (April to September 2018), textiles and apparel exports have dropped by 3 per cent with exports of ready-made garments recording a downfall of 16 per cent.
However, the cotton textile exports have surged by 26.8 per cent in the same time period, where cotton textiles (raw cotton, yarn, fabrics, and made-ups) exports were worth US $ 6235 million as compared to US $ 4917 million in the previous fiscal year.
Source: https://in.apparelresources.com