Challenges Mount for Indian Textile Exports
The textile industry, a significant contributor to India's export economy, has witnessed a decline in exports over the past year, according to government sources. This decline is attributed to a combination of factors including subdued global demand and geopolitical tensions, particularly the Red Sea conflict.
Between April 2023 and February 2024, textile exports experienced an annual fall. Readymade garment exports fell from $14.73 billion to $13.05 billion, yarn shipments decreased from $4.47 billion to $4.23 billion, and jute exports declined from $400 million to $310 million during this period. However, there has been a positive sign in February 2024 with over 12% growth in textile exports compared to the previous year.
The Red Sea conflict has played a significant role in exacerbating the situation, leading to increased shipping costs and longer turnaround times. This has been attributed to reduced services by private shipping lines. In response, an inter-ministerial panel has been convened to address the impact of the conflict. The Department of Financial Services has been directed to ensure a steady flow of credit for exporters, while the Ministry of Shipping has been tasked with monitoring trade volumes.
Overall, the government is working to mitigate the challenges faced by the textile export sector, recognizing the importance of maintaining competitiveness in the global market amidst evolving geopolitical dynamics and economic uncertainties.
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