India aims to arrest declining exports of textiles & other goods

The meeting was convened in New Delhi under the chairmanship of Piyush Goyal, the commerce and industry minister. Attendees discussed various issues, including the proposal to focus on organising international fairs and exhibitions, according to government sources. The ministers emphasised that six sectors, including textiles, hold significant potential for enhancing the country's exports. The key global destinations identified for further export promotion include the US, UK, Brazil, Germany, Saudi Arabia, Sweden, Taiwan, Korea, Japan, and Russia. 

Industry insiders mentioned that both trade and investments were underscored during the meeting. They believe that increasing investments will foster trade growth. The meeting took place in the wake of a slowdown in the country's merchandise exports over the last four months due to a demand slump in global markets. High inflation in developed economies and the Russia-Ukraine conflict have adversely impacted the country's exports. Representatives from various export promotion councils, including those from sectors such as apparel and medical devices, were present at the meeting, along with the Federation of Indian Export Organisations (FIEO) and other industry associations. 

Despite these measures, the severely affected textile sector has expressed dissatisfaction with the government's strategy. Lalit Goyal, president of the Panipat Exporters Association, who attended the meeting, told Fibre2Fashion, “Excessive promotional activities may not yield any results. Exports are dependent on market conditions. During the COVID-19 pandemic, buyers were placing orders during Zoom meetings. Now, despite incurring significant costs on participation and showcasing stalls at fairs, exporters are failing to secure orders.” He suggested that it is time to conceive new ways to promote export trade, adding that the trade scenario may improve if the Russia-Ukraine war stops. 

Fibre2Fashion News Desk (KUL)