Textile and apparel exports, which were under stress for more than a year, grew 6.91 % year-on year in March. However, for the financial year 2023-2024, the exports contracted 3.24% from the year-earlier period.
Cotton yarn, fabrics and made-up exports increased 6.78 % in March from the year-earlier period. For FY 24, these saw a 6.71 % increase year-on-year.
Apparel exports, which went up 1.7 % in last month compared with March 2023, suffered a 10.25% decline in fiscal 2023-2024 from 2022-2023.
According to Sunil Patwari, chairman of the Cotton Textiles Export Promotion Council, the growth of cotton textiles last financial year despite geo-strategic challenges showed the resilience of the Indian textile industry. The new government to be formed at the Centre should address issues such as cotton prices and preferential access in key markets to sustain the growth, he said.
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