Textile exports fall 4.5% to $26 bn in Apr-Dec
The Dollar Business Bureau
India’s textiles exports fell about 4.5% to $26 billion during April- December of 2016-17.
"The exports of textiles during 2016-17 (April-December) were $26 billion compared to $27.2 billion during 2015-16 (April-December)," Ajay Tamta, Minister of State for Textiles said on Friday in a written reply to the Rajya Sabha.
During April-December 2016-17, the country’s total production of man-made fibre was 1,037 million kg and spun yarn production was 4,254 million kg.
Tamta pointed out that the government has taken several initiatives to develop textiles industry. “Several schemes including technology upgradation fund scheme and other schemes for integrated textiles parks will help exports for the industry.”
The industry’s 2016-17 growth visions were impacted by the government’s demonetisation drive last year. The industry continues to experience languid demand in the overseas apparel market.
Amidst the decline in exports, the domestic textile industry is expected to perform relatively better than its export-oriented counterparts for the second consecutive year.
Global apparel trade has shrunk for the second consecutive year in 2016, due to subdued demand in the key importing markets.
The decline, however, has been felt in terms of revenue realisation. The growth in exports in terms of volume has remained marginally positive.
The industry feels that the government should consider extending the Merchandise Exports from India Scheme (MEIS) and Integrated Environmental Solutions (IES) benefit to the textile industry to spur exports growth.