New Delhi, [18 September 2024] – The 66th Annual General Meeting of the Confederation of Indian Textile Industry (CITI) brought together key stakeholders from across the textile sector to review the past year’s achievements and challenges. In his speech, Chairman Sh. Rakesh Mehra highlighted both the trials and the promising prospects that lie ahead for the industry.

“Your presence here today is a testament to your commitment and support for our industry, and for that, I extend my heartfelt thanks to all of you,” said Sh. Rakesh Mehra. “Despite facing significant headwinds over the past two years—ranging from geopolitical conflicts and supply chain disruptions to high inflationary pressures—our industry has shown remarkable resilience. India achieved a historic milestone in Textile & Apparel (T&A) exports in 2021-22, but we faced a decline to US$ 34.8 billion in 2023-24 due to these challenges.”

Mehra detailed the current state of the industry, noting a decline in exports but also pointing to early signs of recovery. “Major markets globally are showing encouraging signs of a potential rebound, and our recent trade figures indicate a positive trend. With agreements such as the India-Australia ECTA and the India-UAE CEPA, we are positioned to accelerate our export growth.”

The Chairman also emphasized recent policy measures by the Government aimed at supporting the sector, including the removal of the import duty on certain cotton varieties and the imposition of Minimum Import Prices on specific knitted fabrics. He also highlighted CITI’s ongoing efforts to address issues related to raw material availability and the need for new investment schemes to support MSMEs.

“Our industry holds immense growth potential and the ability to create substantial employment opportunities,” Mehra continued. “However, addressing the availability of raw materials at competitive prices and incentivizing capacity building across the downstream segment is critical for fully unlocking this potential.”

Looking forward, Mehra underscored the importance of international trade agreements and domestic policy reforms. “The recent Trade and Economic Partnership Agreement with the EFTA and our participation in global events like Bharat Tex 2024 reflect our commitment to showcasing India’s T&A sector to the world.”

He also noted significant progress in CITI’s initiatives, including the implementation of the Skill Development training program under the Samarth Scheme and PMKVY 4.0, and partnerships aimed at enhancing awareness and capacity building in ESG and HRDD frameworks.

“In conclusion, while we navigate through a challenging global environment, the resilience and innovation of our industry offer a bright outlook. With continued support from the Government and collaborative efforts across the sector, I am confident that we can achieve our goal of a US$ 350 billion market size by 2030.”

The meeting also featured a review of CITI’s key activities over the past year, including its successful events, international participation, and ongoing projects focused on cotton production and sustainability.