While domestic demand is expected to remain moderate due to lower discretionary spending and overstocking from the previous fiscal year, the recovery in export demand is promising. The domestic market could see a boost in the second half of FY25, supported by an increase in wedding days and
Invest India posted on X, "PM Modi's bold '#fibretofashion' vision is guiding the #textileindustry to become a driving force in the global market while bringing competence & technology to local players."
New Delhi [India], July 3: Anticipating a boost in the manufacturing sector, signing of the FTAs, the recent growth in the textile exports, bundled with the Indian government's focus on making India a 'global manufacturing hub' has set up encouraging prospects for the stakeholders of the Ind
Despite unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations, Indian textile exports grew by 9.59 per cent compared to the previous year in May 2024, the Confederation of Indian Textile Industry (CITI) said in a report.
While addressing the gathering after a mega road show in Navsari district, PM Modi said, "The PM MITRA Park is the first such park in the country for the textile sector which will boost the textile industry and will contribute to increasing India's share in textile exports."
Pakistan’s exports of textiles and clothing have contracted by 14.63 per cent year-on-year to USD 16.50 billion during the outgoing FY23 due to higher production costs, liquidity constraints and lower global demand, Dawn reported.
A slowdown in 2023 in advanced economies, especially the US and the eurozone, is expected to make India's footwear and leather products export trade vulnerable, said Crisil Ratings.
Meanwhile, the government has issued general guidelines for enabling of academic institutes in technical textiles education in India for private and public institutes.
"Similarly, Vietnam also has a duty-free free trade agreement with the European Union, due to which it gets benefited. While doing trade with European Union, our garments for exports get taxed 9-10 per cent," the minister said. He added because of this, Bangladesh and Vietnam get the bene