India's textiles sector has emerged as a beacon of resilience and growth, recording an impressive 36.65% increase in exports over the past four years, although industry stakeholders are not much enthused by the resurgence.
Rising from $17.05 billion in FY21 (April-November 2020) to $23.30 billion in the last eight months of the current fiscal year, this export growth underscores the sector's ability to adapt and thrive despite global economic uncertainties and shifting trade dynamics, according to a commerce ministry official.
Against the backdrop of increasing import bills for crude oil and gold, the steady growth in textile exports has played a vital role in mitigating India's trade deficit.
India's trade deficit in November surged to a record high of $37.84 billion, primarily driven by the rise in gold imports and net oil and gas imports.
A detailed analysis of export data during the corresponding months of the past four years reveals a robust expansion in key markets, including Europe, the UK, the US, and African nations.
This surge in demand highlights India's growing prominence as a global textile hub, catering to a diverse range of consumer needs across regions, said the official cited above.
Even so, Rahul Mehta, chief mentor of the Clothing Manufacturing Association of India, said a growth of 36% over a period of four years was not a respectable figure, considering the low base during the covid-19 period.
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