India’s textile-garment exports fell to $37.12 bn in 2018

01 Jun India’s textile-garment exports fell to $37.12 bn in 2018

India, which was the second largest exporter of textile and apparel during 2014-17 after China, has fallen to the 5th rank in 2018 as Germany, Bangladesh and Vietnam have stepped in, according to chairman of Confederation of Indian Textile Industry (CITI) Sanjay K Jain. India’s exports in this sector fell from $38.60 billion in 2014 to $37.12 billion in 2018. India’s imports in this sector increased from $5.85 billion to $7.31 billion during the same period, according to a CITI press release. CITI has come out with a white paper detailing all needed steps to boost the sector. It has also made a ten-point agenda to be addressed by the new government on a priority basis. The agenda include simplifying the Technology Upgradation Fund Scheme(TUFS) guidelines and clear all pending subsidies in a time-bound manner, expanding the Rebate of State and Central Taxes and Levies (RoSCTL) benefit for the entire textile value chain, launching of the second phase of the Technology Mission on Cotton (TMC-II), providing direct subsidy to cotton farmers, announcing a national fibre policy, a mission-mode approach for promoting the man-made fibre sector, and addressing goods and services tax issues related to the sector.

Source – Fibre2Fashion.