Textiles and Jewellery traders have welcomed the India-US trade deal, expressing enthusiasm over the reduced tariffs, predicting that a tariff of 18 per cent will increase sales by 100 per cent to 150 per cent.
In a press release issued, SIMA Chairman Durai Palanisamy appreciated Prime Minister Narendra Modi and Union Commerce Minister Piyush Goyal for their leadership in bringing the agreement to fruition.
Indian textile industry is set to benefit from the India-EU FTA with exports and has potential to grow from USD 7 billion to USD 30-40 billion very quickly, Union Minister of Commerce and Industry Piyush Goyal said on Tuesday, noting that this could generate 6-7 million jobs in the labour
"50 per cent US tariffs and uncertainty are badly hurting India's textile exporters. Job losses, factory shutdowns and reduced orders are a reality of our 'Dead Economy'. Mr Modi has offered no relief or even spoken about tariffs, even though more than 4.5 crore jobs and lakhs of business
India's textile and apparel exports face significant strain due to United States tariffs, with approximately 30 per cent of the sector's trade currently in doubt.
The conference will be held under the theme "India's Textiles: Weaving Growth, Heritage & Innovation," according to an official release by the Ministry of Textiles.
The India-New Zealand Free Trade Agreement (FTA) is expected to deliver a significant boost to India's exports, with New Zealand offering zero-duty market access on 100 per cent of its tariff lines covering all Indian exports from the date of entry into force.
The recently signed India-Oman Comprehensive Economic Partnership Agreement (CEPA) is set to open significant new opportunities for India's apparel and textile sector, strengthening trade, enhancing market access, and enabling smoother mobility of skilled professionals, CTA Apparels said.
India's Textile & Apparel, including handicrafts exports, demonstrated remarkable resilience in the first half of FY 2025-26 despite global headwinds and tariff-related challenges in major markets.
India's apparel exports witnessed a sharp decline of 14.8 per cent during the July-September quarter of FY2025-26, according to a recent analysis by the Confederation of Indian Textile Industry (CITI).
India's textile and apparel exporters are facing severe disruptions following the United States' imposition of a 50 per cent additional tariff, according to a nationwide survey conducted by the Confederation of Indian Textile Industry (CITI).