TEXTILES SECTOR OUTLOOK IN FY2022 IS STABLE, TO TOUCH PRE- COVID LEVELS: ICRA
Rating agency ICRA said the textile industry’s performance will recover to pre-COVID levels in the next fiscal on account of boost in demands from domestic as well as export markets. The agency assigned outlook for the sector as ‘stable’ for FY2022. The recovery in the domestic textile sector, that picked up pace in Q3 FY2021, is likely to continue in the upcoming quarters, said ICRA. This will be supported by the opening up of economies and markets, improved consumer confidence levels and continued pick up in discretionary spending, it added.
Commenting on it, ICRA Senior VP & Group Head, Corporate Sector Ratings, Jayanta Roy was quoted by PTI as saying that the textile sector appears to be on a firm footing with the worst of the pandemic impact behind us, and favourable progress on vaccination rollouts. As demand continues to normalise in domestic as well as export markets, we expect the textile sector performance to recover to pre-COVID levels in FY2022 at a broader level. Accordingly, ICRA’s textiles sector outlook for FY2022 is stable.” After witnessing a major setback in Q1 FY2021 following the COVID-19 pandemic and the ensuing lockdowns, the domestic textile sector started reporting a gradual recovery from Q2 FY2021 onwards. This was supported by opening up of the markets and resumption of activity across the value chain. Similarly, the recovery is slated to be faster for these segments in FY2022.
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