05 December 2023, Mumbai
WHY India
Are we in for better days?
Exports surge as Western demand heats up
Christmas cheer is spreading to India’s textile industry, with exports booming thanks to increased demand from Western markets. After a year of decline, the sector is finally bouncing back, clearing excess stock and weaving a brighter future.
Numbers tell the story: 3.7% growth in September
The Index of Industrial Production (IIP) reveals textile exports are growing for the third month in a row, with a 3.7% jump in September compared to last year. This upward trend fuels optimism, with Sanjay Jain, head of the National Expert Committee at the Indian Chamber of Commerce, predicting a strong recovery. He expects India’s textile exports to soar by 8–10% in the fiscal year 2024.
Cotton, fabric, yarn — all on the rise
The Ministry of Commerce and Industry confirms the good news, reporting a significant 5.7% increase in exports of cotton, fabric, yarn, and handloom products between April and October, compared to the previous April-August period. It’s a welcome change after lagging pre-pandemic levels.
The pre-COVID gap remains, but optimism prevails
Despite the positive momentum, India’s textile sector still trails its pre-COVID production levels. Data from the Ministry of Statistics and Program Implementation (MOSPI) reveals a 6.5% gap compared to the 2019–20 period. Sunil Kumar Sinha, Chief Economist at Ind-Ra, underlines the crucial role of global trade factors in shaping India’s long-term textile prospects.
Brighspot: Aspirational journey
With Christmas orders filling pockets and optimism high, India’s textile industry seems poised for a festive season of growth.
The road ahead may hold challenges, but the threads of resilience and adaptability are woven into the fabric of this crucial sector.
