India needs more schemes to enhance production of textile raw material

According to Fibre2Fashion’s market insight tool TexPro, India’s imports of raw materials increased in previous years with the rise in exports. It means the country spent large amount of foreign currency on raw materials to sustain export growth. Therefore, net export earnings reduced which could be avoided. India’s textile & apparel imports reached $8.1 billion in 2021 from $5.5 billion of 2020. It is pertinent to mention that foreign trade was disrupted in 2020 due to COVID-19. The imports were $8.3 billion in 2019, $7.3 billion in 2018 and $6.6 billion in 2017. The import was $3 billion in January-April 2022.

India’s exports performance was similar in the previous years. The exports of textile and apparel reached $41.5 billion in 2021 from $29.7 billion of 2020. The export was $35.5 billion in 2019, $37.2 billion in 2018 and $37.4 billion in 2017. The export figure was recorded at $15.8 billion in first four months of 2022, as per TexPro.

India secured fourth position in global textile exports in 2021 with the market share of 4 per cent. China is still dominating player in the market despite its soared relation with the western world, which is the largest market for the sector

Fibre2Fashion News Desk (KUL)