India's cotton textile exports
grew by 26 per cent at USD 6,235 million in the first six
months ended September 2018 and the on-going trade war between
US and China will open up new export opportunities, the Cotton
Textiles Export Promotion Council (Texprocil) said here.
The country had exported cotton textiles (raw cotton,
yarn, fabrics and made-ups) worth USD 4,917 million in
April-September 2017-18, the association said in a statement.
However, exports of textiles and clothing declined by
3 per cent with exports of readymade garments registering a
steep decline of 16 per cent during H1FY19.
India held a special place in global textile trade as
the second largest textile exporter in the world. Today,
cotton yarn & fabric exports account for over 23 per cent of
India's total textiles and apparel exports.
Ujwal Lahoti, chairman of Texprocil, stated that the
ongoing trade war between the US and China would possibly open
up new opportunities for cotton textile exports from India and
we should be ready to explore them.
The government was also in the process of putting in
place alternative schemes to promote exports which would
improve competitiveness, he said.
Lahoti welcomed the package for the MSME sector
announced by the government. Interest subvention on
pre-shipment and post-shipment finance for exports by MSMEs
has been increased from 3 per cent to 5 per cent.
These measures would provide much needed support and
encouragement to the MSME sector, which contributed
significantly to the textiles exports. Under the package, GST-
registered MSMEs would get 2 per cent interest rebate on
incremental loan up to Rs 1 crore, he added.
He also noted that the jump in India's ranking in the
World Bank's Ease of Doing Business will help boost exports.
Lahoti acknowledged that for textiles exporters,
remarkable improvements are visible at the ports, customs and
regional offices of DGFT EDI systems.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)