Indian textile industry expects revival of orders soon

Category: General

Country: India

MSME units likely to benefit, says industry official

By M  Soundariya Preetha
August 23, 2023 09:19 pm 
Updated August 24, 2023 12:09 pm IST - COIMBATORE

The textile industry is expected to see a revival of orders, especially from overseas markets, in the second half of this financial year, according to industry officials.

“Exports are down last year and so far this year,” Sunil Patwari, chairman of Cotton Textiles Export Promotion Council (CITI), told presspersons on Wednesday.

“But, this cycle should end soon.”

The year 2023-2024 is expected to end with almost the same level of exports as last year (about $40 billion), Rakesh Mehra, Deputy Chairman of Confederation of Indian Textile Industry added.

Even to maintain the current retail sales, international buyers will buy more as the inventory with them is getting over. That will increase exports, he said.

Mr. Patwari added that with indications of revival of orders, the inventory with the textile units was also not much. The MSME units will also benefit when orders pick up. New cotton season will start on October 1 and that will bring more cotton into the market, moderating cotton prices, he said.

T. Rajkumar, chairman of CITI, and Ravi Sam, chairman of Southern India Mills Association, said the removal of import duty on extra-long staple Cotton for at least six months a year will ensure the availability of raw material at affordable prices to the industry.

Courtesy: Thehindu.com