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Indian textiles export target of $45 billion likely to be missed

The textiles industry, has been struggling due to increasing competition from neighbouring countries like Bangladesh, Indonesia and Vietnam, along with rising imports and sundry problems such as GST. Now, experts say due to these factors, the hope of achieving its total export target of $45 billion in the current fiscal is difficult. Sanjay Kumar Jain, Chairman, Confederation of Indian Textile Industry (CITI) evaluated, exports were down in October, November and December. If the trend continues, the projected textile export target of $45 billion in the current fiscal will be unachievable. The industry may even find it difficult to attain last fiscal’s export of $40 billion. While rupee appreciation is one major factor, another looming threat is a further rise in cotton prices, which has gone up from Rs 37,500 a candy in November to Rs 41,500 now. Given the fluctuation in both rupee and cotton prices, exporters are unable to take orders or fix any price point to do jobs. Textile exports from India, include ready-made and knitwear garments, cotton yarn, fabrics, made-ups, handicraft items, man-made yarns, fabrics and jute products.