Confirmed by the Indian Ministry of Commerce, the data compiled shows the country’s textiles and apparel exports have jumped a massive 38% in the month of October due to higher overseas demand. Led by the US, this phenomenon has been triggered by the recovery in the global economy. After the massive drop in the exports last year due to the impact of GST introduction, the textile and apparel sector seem to have been undergoing a revival considering the export performance of October this year.
In the light of high demand in the US and European Union, the growth towards a positive trend shows signs of recovery after a difficult period which in turn can result in boost in employment, scale up in production and make the initiative of “Make in India” a reality. The positive trend has been the result of Confederation of Indian Textile Industry’s continuous persuasion with the government and the pragmatic approach conducted by the authority concerned with timely intervention of policies which supported growth in such exports. To ensure continuous boom in this sector, the Central Government has offered several sops, including Merchandise Exports from India Scheme which is a package of 60 billion, since last year.
After the decline of last year, the export figures of the country’s textile and apparel have rebounded to Rs. 203.53 billion for October 2018 against Rs 147.79 billion in the corresponding month of last year. The projection for the domestic textile industry is $250 billion by 2019 from an estimated $150 billion in November 2017. India’s textile and apparel export is expected to increase to $82 billion by 2021 from $39.2 billion in FY18.