According to a report by India’s “Economic Times” on October 16, the Indian Cotton Textile Export Promotion Council believes that the export situation of the Indian textile industry is not optimistic and said that it has sought support from the government to boost exports.
RK Dalmia, chairman of the committee, pointed out that compared with the same period last year, India’s textile exports fell by 2.16 percentage points from April to August 2015, to only US$4.24 billion. Affected by the decline in Chinese demand and the economic depression in Europe, the downward trend has May continue in fiscal year 2016. Compared with Vietnam, Bangladesh, Pakistan, etc., the high cost of export credit is also one of the reasons for the current sluggish exports.
He pointed out that the government should further enhance the competitiveness of Indian export products, accelerate free trade area negotiations with the European Union, Australia, and Canada, and conduct dialogue with China and Turkey to reduce tariffs on Indian textile products.
The Indian government plans to achieve an annual export volume of US$900 billion in the manufacturing and service industries in the next five years, and double the trade volume from US$1 trillion to US$2 trillion. PreetiM Sheth, president of the Indian Exporters Chamber of Commerce, said that considering the current global economic situation, the plan will be difficult to complete. Indian textile industry seeks support from government to boost exports