Chennai: The export of cotton textiles for fiscal year 2023-24 grew by 6.7 per cent to $ 11,683 million despite the strong headwinds, including geo-political tensions.
The growth has been achieved amidst strong headwinds like geo-strategic challenges on account of Russia- Ukraine conflict, Red Sea crisis, high raw material costs, and fluctuating demand, said Sunil Patwari, chairman Texprocil.
Timely disbursal of export benefits under RoDTEP and RoSCTL schemes too has helped the export industry remain competitive.
After a long lean spell, the Indian textile industry had started seeing signs of revival in August as demand from some of the key markets rebounded.
However, the industry is still facing a few challenges that need to be addressed at the government level.
Some of these include availability of raw materials at international prices; high interest cost; preferential access to key markets.
The textile industry is eagerly looking forward to the early signing of the Indo-United Kingdom and India – European Union Free Trade Agreement after the elections which will further boost exports in the new fiscal year 2024-2025.
