India’s textiles and clothing exports have surged 11% in July 2018 in comparison to same period of last year, on account of favourable government policies and rupee depreciation. Rise in India’s textiles and apparel exports was mainly due to supportive government policies which prompted the government to expedite refund on state and Goods and Services Tax (GST) levies on raw materials. Moreover, rupee depreciation against the dollar helped Indian exporters to expedite execution of orders and also receivables. However, in the first quarter of current financial year, textiles and clothing exports declined 17%.
Data compiled by the Directorate General of Commercial Intelligence and Statistics (DGCIS) showed that total textiles and apparel exports came at Rs 196.36 billion ($2.86 billion) for July 2018 as compared to Rs 176.92 billion ($2.74 billion) for the corresponding month last year. Total textiles exports witnessed a jump of 15% to Rs 108.79 billion ($1.58 billion) for July 2018 versus Rs 94.29 billion ($1.46 billion) in the comparable month of previous year. India’s apparel exports recorded a jump of 6% to Rs 87.57 billion ($1.27 billion) for July 2018 as against Rs 82.63 billion ($1.28 billion) for the same month last year.
Besides, Chairman, Confederation of Indian Textile Industries (CITI) Sanjay Jain has said that the textiles and clothing sector in India is on the verge of turnaround. Their exports have jumped in 11% after a steep fall between April & July quarter. It seems the worst is over for India’s textiles and clothing industry.
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