India’s Textile and Apparel Exports & IIP Registers Staggering Growth in the Month of October- CITI
Friday, November 16, 2018, New Delhi: Ministry of Commerce & Industry, DGCI&S, released the Quick Estimates for the month October 2018. Shri Sanjay K Jain, Chairman, CITI stated that the exports of textile and apparel stood at Rs.20,353 crore during October 2018 as compared to Rs.14,779 crore during October 2017, showing an impressive growth of 38%. It is noteworthy that over the same period apparel exports have grown at a whopping rate of 54%.
CITI Analysis of Exports of T&A for October 2018
Values in INR crores
|Cotton Yarn/Fabs./made-ups, Handloom Products etc.||5,376||6,704||25%|
|Man-made Yarn/Fabs./made-ups etc.||2,312||3,037||31%|
|Jute Mfg. including Floor Covering||151||192||28%|
|Handicrafts excl. handmade carpet||870||1,078||24%|
|Textile and Apparel||14,779||20,353||38%|
Data Source: DGCI&S
Chairman observed that the positive trend in exports for the entire textile value chain has been the result of CITI’s continuous persuasion with the Government and pragmatic approach shown by the Hon’ble Union Minister of Finance, Hon’ble Union Minister of Commerce & Industry and Hon’ble Union Minister of Textiles, on the issues of T&C Industry especially post GST implementation. Chairman expressed his deep gratitude to Hon’ble Ministers for their timely policy support and intervention to boost the industry which was under severe stress especially after the implementation of GST.
Mr. Jain is delighted to see the positive IIP data also. It is pertinent to mention here that the IIP production data for T&C also witnessed robust year on year growth during September 2018 as compared September 2017. Textiles and Apparel has registered a growth of 5.4% and 20.9%, respectively during September 2018.
Quick Estimates of IIP for Textile and Clothing Sector (T&C): September 2018
|Manufacture of textiles||3.29||115.2||121.4||5.4|
|Manufacture of wearing apparel||1.32||118.8||143.6||20.9|
Source: Ministry of Statistics Planning & Implementation
Chairman asserted that the growing positive trend shows visible signs of recovery after a difficult period. Industry is hopeful that Government would take suggested measures to boost exports and limit imports. Gauging the current scenario, Mr. Jain is confident that in the coming months, with Government support, the industry would be in a much more comfortable position. Continuous growth in exports and IIP index would result in boosting employment, scaling up production and most importantly making “Make in India” initiative a reality for T&C Industry.