Published on October 5, 2015
In the month of August Textile exports declined by 20.66 per cent with overall exports reaching $26.8 billion, while exports of cotton textiles registered a negative growth of 7.39 per cent as exports touched $863.18 million in August.
Recently RBI reduced its key Repo rate this move will greatly benefit the capital intensive textile industry to improve its competitiveness in the globalised environment.
The cotton based textile industry has been facing several challenges in the last 18 months, including a excess in domestic and global markets, high tariff rates in all major markets compared to competing nations so high cost of funding. Now reduction in rate is in favor of industry.
As per the report, the ethnic wear firm TCNS Clothing, which owns the W brand, aims to double its sales to Rs 1,000 crore by 2017 fiscal on the back of new stores, innovative product offerings and increase in online sales.
To develop the village industries, to ensure khadi competes at a global level and realizes the vision of Gram Swaraj. The MSME Minister is planning to organize khadi exhibitions in every district of the country. Presently Metros are becoming very good markets for khadi because people have taste and market players have also altered designs and colours accordingly.
Market players have said that, presently domestic textile industry is growing with a good rate of knot and in near term this will achieve significant amount of margin.
