Indian cotton textiles defy headwinds as exports grow 6.7%

Indian cotton textile exports defied challenges like geopolitical tensions and high raw material costs to achieve a 6.7 per cent growth in fiscal year 2023-24. The industry reached $11.68 billion, showcasing resilience says Texprocil chairman Sunil Patwari. Timely government support through export benefit schemes like RoDTEP and RoSCTL is credited for maintaining competitiveness.

This positive growth follows a period of sluggishness, with a revival starting in August 2023 due to a rebound in demand from key markets. However, hurdles remain.

The industry seeks government intervention to address issues like securing raw materials at competitive prices, lowering interest costs, and negotiating preferential access to major markets.

Looking ahead, the textile sector eagerly anticipates the signing of free trade agreements with the UK and the EU, which are expected to further boost exports in the upcoming fiscal year.