TEXTILES
AND APPAREL EXPORTS - ECONOMY
News:
Textile and apparel
exports decline 14%
What's
in the news?
●
Textile and apparel exports contracted
13.9 % in 2022-2023 compared with the previous year.
Key
takeaways:
●
At $41.3 billion exports in 2021-2022, textiles and apparel constituted 9.79%
of total goods exports.
●
However, in 2022-2023, the segment
recorded exports of $35.5 billion and constituted just 7.95% of goods exports.
○
Apparel exports grew 1.1% last financial
year ($16.1 billion) compared with the previous year ($16.01 billion).
○
Textile exports shrank 23.3% to $ 19.3
billion last fiscal.
●
Import
of yarn, fabrics and made-ups rose 26.7%.
●
Segment contributed 7.95% to goods
exports, compared with 9.8% in FY22.
Textile
Sector in India:
●
Indian textile industry is the second largest producer of textiles in the
world with a massive raw material and textiles manufacturing base. (Note:
China is the largest textile producing and exporting country in the world)
●
In terms of exports, India recorded the
highest textile exports in FY22, reaching US$ 44.4 billion.
●
Readymade garments and cotton textile
comprise most of the country's textile and apparel exports.
Government
Measures:
●
The government aims to reach US$ 100 billion in textile exports by
FY2030 and has taken steps to achieve this ambitious target.
●
Government schemes such as the establishment of PM MITRA Parks and the Production
Linked Incentives (PLI) scheme are expected to boost investment in the
industry, contributing to significant growth in production, employment and
exports. These measures will help India turn into a global market leader.
Important
Stats:
Top
Textile Exporters of World:
Top
Export markets for Indian Textiles:
Further
Reference - Textile and Apparel
Exports in India