CITI highlights resilience and growth potential at 66th AGM

The Confederation of Indian Textile Industry (CITI) held its 66th Annual General Meeting (AGM), discussing the sector's challenges and opportunities. Chairman Rakesh Mehra highlighted the industry's resilience in the face of geopolitical tensions, supply chain disruptions, and inflation. While exports fell to $34.8 billion in 2023-24, Mehra noted early signs of recovery and the potential for growth through trade agreements and government support.

The government's recent measures, such as removing import duties on certain cotton varieties and imposing minimum import prices on knitted fabrics, have provided a boost to the sector. CITI is also actively working to address challenges related to raw material availability and support MSMEs through new investment schemes.

Looking ahead, Mehra emphasized the importance of international trade agreements and domestic policy reforms to unlock the industry's full potential. CITI's initiatives, including skill development programs and partnerships focused on sustainability, are also playing a crucial role in driving growth.

Despite the current challenges, Mehra expressed confidence in the industry's ability to achieve its goal of a $350 billion market size by 2030. With continued government support and collaboration across the sector, the Indian textile industry is poised to overcome obstacles and emerge stronger.