Textile export will be driven by low-end apparel in FY2022

According to the credit agency ICRA, the global apparel exports trends are shifting towards low value apparel and the recovery is likely to be driven by volumes because of the downtrading and relative softness in the prices of raw materials. The relative rise in the pent-up demand in the United States and European Union will be puting India’s apparel export on growth trajectory.

The increasing focus of large buyers on diversifying their sourcing base beyond China will be another factor which will induce the export demand and the recovery of fabric production in FY2022.

Recently the textile ministry has also proposed to develop seven mega textile parks, also called as Mitra parks (Mega Integrated Textile Region and Apparel) under National Textile Policy to make globally competitive textile manufacturing base.

With plans to double the domestic textile industry’s size to $300 billion by 2025-26. The policy covers the entire spectrum of textiles, silk, handloom and exports with a focus on employment generation and environment.

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