T. Rajkumar, chairman of CITI, and Ravi Sam, chairman of Southern India Mills Association, mentioned removing of import responsibility on Extra Long Staple Cotton for no less than six months a 12 months will guarantee availability of uncooked materials at reasonably priced costs to the industry.
| Photo Credit: SIVA SARAVANAN S
The textile industry is anticipated to see a revival of orders, particularly from abroad markets, within the second half of this monetary 12 months, in line with industry officers.
“Exports are down last year and so far this year,” Sunil Patwari, chairman of Cotton Textiles Export Promotion Council (CITI), informed presspersons on Wednesday.
“But, this cycle should end soon.”
The 12 months 2023-2024 is anticipated to finish with nearly the identical degree of exports as final 12 months (about $40 billion), Rakesh Mehra, Deputy Chairman of Confederation of Indian Textile Industry added.
Even to keep up the present retail gross sales, worldwide consumers will purchase extra because the stock with them is getting over. That will enhance exports, he mentioned.
Mr. Patwari added that with indications of revival of orders, the stock with the textile models was additionally not a lot. The MSME models can even profit when orders choose up. New cotton season will begin on October 1 and that can deliver extra cotton into the market, moderating cotton costs, he mentioned.
T. Rajkumar, chairman of CITI, and Ravi Sam, chairman of Southern India Mills Association, mentioned removing of import responsibility on Extra Long Staple Cotton for no less than six months a 12 months will guarantee availability of uncooked materials at reasonably priced costs to the industry.
