Indian Cotton Textile Exports Increase 6.7% In 2023-24
Indian export of cotton textiles in fiscal 2023-2024 reached US $11.68 billion, growing by 6.7 percent over the previous fiscal.
“This accomplishment underscores the resilience, determination, and collective efforts of all the exporters,” Sunil Patwari, Chairman of Texprocil said in a statement.
“Positive growth has been achieved despite headwinds like geo strategic challenges on account of Russia-Ukraine conflict, Red Sea crisis and high raw material costs and fluctuating demand,” he added.
He also stated that the proactive support of the government in terms of continuing with RoDTEP & RoSCTL Scheme and disbursal of export benefits have helped cotton textile sector to remain competitive.
Patwari added that even though the cotton textile industry has shown positive export growth this year, there are still a few challenges that need to be addressed at the government level.
Some of these include availability of raw materials at international prices; high interest cost and preferential access to key markets.
However with a new government assuming office after the general elections, the Texprocil Chairman is confident that these issues will get addressed.
The textile industry is also eagerly looking forward to the early signing of the Indo-UK and India-EU free trade agreement (FTA) after the elections which will further boost exports in the new fiscal.
