Indian Textile and Apparel exports show significant growth
New Delhi 15 November 2024: In a positive development, India’s textile and apparel sector has demonstrated a remarkable growth last month. As per the Quick Estimates released for the month of October 2024, Indian textile exports was higher by as much as 11.56% while apparel exports increased by a sharp 35.06% as compared to October 2023.
Chairman of Confederation of Indian Textile Industry (CITI), Rakesh Mehra, expressing optimism about this upward trajectory, highlighting the sector’s potential for robust and sustained growth, said, “This growth reflects not only the resilience and adaptability of our industry but also underscores India’s strengthening position in the global textile and apparel markets”.
He attributed this significant progress to multiple factors, including the increased market share of Indian T&A exports in the USA, as well as supportive government initiatives like the extension of the Remission of Duties and Taxes on Export Products (RoDTEP) and Interest Equalization Scheme (IES). He also highlighted the impact of the sector’s collective commitment to quality, innovation, and sustainable practices, positioning India as a preferred sourcing destination worldwide.
In absolute terms, textile export has gone up from $1,653.85 million in October 2023 to $1,833.95 million in October 2024 and that of apparels from $ 908.78 million to $1227.44 million. In other words, the October 2024 export of the textile and apparel sector has a whole has achieved a growth of 19.93% over October 2023.
A release from CITI also noted that for the April-October 2024 period, Indian Textiles export has registered a growth of 4.01% over the previous year and Apparel 11.60% during the same period. The cumulative exports of Textiles and Apparel during April-October 2024 have registered a growth of 7.08% as compared to April-October 2023, it added.
