Confederation of Indian Industry (CII): Indian textile exports can hit $65 billion
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19 January 2022, Mumbai:
Indian textile exports can hit $65 billion if industry majors take the right steps and there is proper execution of government schemes, a joint report by global consulting firm Kearney and The Confederation of Indian Industry (CII) said.
Exports declined by 3 percent during 2015–2019 and by 18.7 percent in 2020, the report observed and went on to add that during the same period, other low-cost countries such as Bangladesh and Vietnam have gained a share.
“We believe with the right actions from the industry majors and robust execution of government schemes, India can hit $65 billion in exports (implying 9-10% CAGR) by 2026.
This, coupled with growth in domestic consumption, could propel domestic production to reach $160 billion. Given the labour-intensive nature of this industry, this growth could add 7.5 million direct jobs in textile manufacturing” Siddharth Jain, Partner, Kearney said in a statement.
ET (The news article has not been edited by DFU Publications staff)
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