Policies

PLI Scheme Expanded to Boost Garment Sector, Announces Union Minister

Textile Insights June 26, 2024

Union Textiles Minister Giriraj Singh announced the expansion of the Rs 10,000 crore Production Linked Incentive (PLI) scheme to the garment sector, aiming to boost domestic manufacturing and exports. This announcement was made during his inaugural address at the India International Garment

Policies

India Extends PLI Scheme Timeline Amid Textile Export Challenges

Textile Insights June 19, 2024

The Indian government has decided to extend the timeline for setting up facilities under its Production Linked Incentive (PLI) scheme from two years to over three years. This adjustment aims to improve the scheme’s effectiveness in boosting India’s textile exports, which saw a decline of 11.69% from $16.24 billion in 2018 to $14.34 billion in […]

Export

Indian Textile Exports Surge 9.59% In May 2024

Textile Insights June 15, 2024

Despite unfavorable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations, Indian textile exports grew by 9.59% in May 2024 compared to the previous year, according to a report by the Confederation of Indian Textile Industry (CITI). Additionally, Indian apparel exports saw an increase of 9.84% during […]

Industry

Indian Economy Expected To Touch $5 Trillion By Fiscal 2026-27

Textile Insights January 12, 2024

According to a recently released PHD Chambers of Commerce and Industry (PHDCCI) report, the Indian economy is expected to surpass $4 trillion in fiscal 2024-25 and touch $5 trillion by fiscal 2026-27, PHDCCI noted that India is poised to attain the status of a developed economy by 2047 under the initiative of ‘Viksit Bharat’. PHDCCI […]

Industry

India To Maintain Economic Growth Velocity In 2024

Textile Insights December 30, 2023

India is likely to remain the fastest-growing major economy in the world in 2024, on the back of strong consumer demand leading to a pickup in investment across various sectors. According to the Associated Chambers of Commerce & Industry of India (ASSOCHAM), the sectors which will attract investments are construction, hospitality and infrastructure including railways