Indian apparel & textile sector on road to revival: CITI

Source: https://apparelresources.com

The stressed advance ratio of the textile sub-sector has been growing constantly. According to the Financial Stability Report – December 2018 released by the Reserve Bank of India (RBI), the ratio of the textile sector came down to 18.7 per cent in September 2018 from 23.7 per cent in September 2017.

The quick estimates data shows that the exports of textiles and clothing stood at Rs. 18,965 crore in November 2018, compared to Rs. 16,707 crore in November 2017, posting a double-digit growth of 14 per cent.

This was confirmed by Confederation of Indian Textile Industry (CITI) on 8 January 2019. CITI further added that during the same period, apparel exports surged at an impressive rate of 21 per cent.

“I am delighted to see the positive Index of Industrial Production (IIP) data,”stated Sanjay Jain, Chairman, CITI. It is imperative to note that the IIP production data for apparels and textiles also saw a robust year-on-year growth during October 2018, as against October 2017.

Similarly, textiles and apparel recorded an increase of 6.2 per cent and 28 per cent, respectively, during October 2018.

Jain also said that the positive boost in the entire textile value chain has been the result of pragmatic approach shown by the Union finance and commerce ministries.

The Centre’s support extended to the industry, includes disbursement of Rs. 1,300 crore for the Samarth Scheme, Rs 6,000 crore for apparel and made-ups package, along with other state incentives.



Categories: Apparel, Asia, Business, India, Textile

Tags: , , ,

%d bloggers like this: