India's Textile and Apparel Sector Shows Resilience

In a remarkable display of resilience, India's textiles and apparel exports, including handicrafts, witnessed a 7% growth in the April-October period of FY24, reaching $21.35 billion. This growth comes amidst global challenges that have tested the sector's mettle.

Export Composition and Growth Drivers

The textiles ministry highlighted that ready-made garments led the charge, accounting for 41% of the total exports. Cotton textiles and man-made textiles followed, contributing 33% and 15% respectively. Despite a decline in wool and handloom products, the overall outlook remains optimistic.

Import Trends and Self-Reliance

On the import side, there was a slight 1% dip to $5.43 billion, with man-made textiles dominating the imports due to a demand-supply gap. The ministry noted that the import trends in cotton textiles indicate an increase in production capacity, signaling a move towards self-reliance.

Global Standing and Future Challenges

India continues to be a key player in the global textiles and apparel market, ranking as the world’s sixth-largest exporter. However, the sector faces challenges, including geopolitical tensions that disrupted export flows in early FY 2024. The ministry emphasizes the importance of understanding the demand and supply dynamics that drive exports.