Feedback
A pioneer B2B media and publication platform connecting with Fashion Brands & Retail in India

Indian textiles, garment industry facing challenging times

Indian textiles garment industry facing challenging

 

The next year also may turn out to be a challenging time for India's textile and garment industry, as exporters are still bleeding following the impact of GST and exports are probably going to miss the USD 45 billion target for 2017-18. Garment exporters have been repeatedly asking that the duty reimbursement should be retained at the pre-GST drawback rate of 7.5 per cent, following falling exports of the country's apparel recording a fall of 39 per cent in value terms in October. On the flip side of the coin, India's cotton production is forecast to reach 37.7 million bales in the year beginning October 1, up from 34.5 million bales produced in 2016/17.

Indian textiles garment industry facing challenging times

 

As per data from the Textile Ministry, the production of import substitute bivoltine silk in the country is forecast to touch around 6,200 million tonnes (MT) in 2017-18 as against 5,266 MT a year ago, registering an increase of 19 per cent, 2017 turned out to be a mixed blessing for the textile segment. While initiatives were implemented for power loom units and weavers, the much-awaited new National Textiles Policy is yet to see the dawn of the day.

Recently, a Scheme for Capacity Building in Textile Sector to enhance skill development and job creation was launched with an outlay of Rs 1,300 crore. 10 lakh people are expected to be skilled and certified in various segments of textile sector through the scheme, out of which 1 lakh will be in traditional sectors. The year also witnessed the first mega international trade event for the textile sector, which was inaugurated by Prime Minister Narendra Modi, in Gandhinagar, Gujarat, on 30 June.

The event recorded participation from over 100 countries and a total of 65 MoUs with an estimated value of over Rs 11,000 crore were signed during the expo. India Handmade Bazaar, an online portal to provide direct market access to artisans and weavers, was launched in January.

In November, the Textiles Ministry notified post-GST rates under the scheme for Remission of State Levies (RoSL) on exports of readymade garments and made-ups. For garments, the rates range from around 1.25 per cent and 1.70 per cent and for made-ups, they range between 1.40 per cent and 2.20 per centeffective from October.

The Government also enhanced the rates under Merchandise Exports from India Scheme (MEIS) on readymade garments and made-ups from 2 per cent to 4 per cent. The rates will be applicable between November 1, 2017 and June 30, 2018. As India faces heavy competition from countries like Vietnam and Bangladesh, amongst other factors, the need of the hour is a holistic solutionthat encompasses all segments of the textiles industry. This, say industry experts will enhance the country's exports which have remained stagnant for the past four fiscals.

LATEST TOP NEWS
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10

Traditional retailers adopting tech to enhance in-store experience

Traditional retailers adopting tech to enhance in-store experience

The growing expanse of e-commerce is pushing traditional retailers to opt for innovative technologies to craft out experiences that stretch beyond a mere purchase. From 3D, VR, lawns, basketball courts,... Read more

HGH India 2018 ended on a promising note with good business deals

HGH India 2018 ended on a promising note with good business deals

The 7th HGH India trade show for home textiles, home décor, houseware, and gifts gathered an overwhelming response from trade visitors and industry. Close to 34,960 trade visitors, primarily retailers,... Read more

Pepe Jeans makes a mark with jeans customisation

Pepe Jeans makes a mark with jeans customisation

First to introduce the denim customisation service in India in October 2015, the Pepe Jeans Custom Studio service enables customers to customise their denim in a few easy steps. Widely... Read more

Changing buying habits of New Age men influence brand’s marketing initiatives

Changing buying habits of New Age men influence brand’s marketing initiatives

It was in 1992, that Raymond Apparel released its iconic ad campaign – The Complete Man which brought men’s fashion out of its closet. The campaign portrayed the emergence of... Read more

TT Ltd plans to expand in Central and Western India

TT Ltd plans to expand in Central and Western India

Focusing more on casual wear range such as bottoms and T-shirts, TT Ltd continuously upgrades its products to cater to the growing demands of its consumers. “We use mélange, off... Read more

National Garment Fair, India’s biggest garment fair is on in Mumbai till July 19

National Garment Fair, India’s biggest garment fair is on in Mumbai till July 19

The National Garment Fair organized by the Clothing Manufacturers Association of India (CMAI) was inaugurated by chief guest Kishore Biyani, Group CEO – Future Group at Bombay Exhibition Centre, NSE... Read more

Cool Colors expects 40 per cent growth in business this festive season

Cool Colors expects 40 per cent growth in business this festive season

Cool Colors’ new collection of blazers and T-shirts under ‘The Global Traveller Campaign’ includes prints and patterns along with a range of classic designs like prints, checks and plains. The... Read more

Dollar Missy aims at inorganic growth through M&A

Dollar Missy aims at inorganic growth through M&A

"Women’s brand Missy offers capris, kurtas, pants and leggings in trendy designs and textures that gives it a completely new look. “We have raised our bar from routine black and... Read more

Arrow unveils revamped store at High Street Phoenix

Arrow unveils revamped store at High Street Phoenix

Arvind Fashions subsidiary of Arvind Ltd, India’s largest integrated textile player recently launched stores of marquee retailers Gap and The Children’s Place. Arvind is one of the largest producers of... Read more

Ashapura Intimates on a strong footing for positive growth ahead

Ashapura Intimates on a strong footing for positive growth ahead

Ashapura Intimates Fashion (AIFL) sales increased 84 per cent to Rs 141 crore while operating profit jumped 73 per cent year-on-year in Q4 2018. Consolidated topline recorded Rs 344 crore,... Read more

MOST POPULAR NEWS
Go to top