The Indian Textile sector registered an increase of 41 % in the first three quarters of the financial year 2021-22 compared to the corresponding quarters of financial 2020-21, claimed the Ministry of Textiles.
The textile sector has continuously maintained a trade surplus with exports manifold higher than imports. In FY 2020-21 there was a deceleration in textile exports due to pandemic disrupting the supply chain and demand.
The Ministry claimed here on Wednesday that the signs of recovery are visible in 2021-22.
“During April-December, 2021 the total Textiles and Apparel including Handicrafts exports was US$ 29.8 billion as compared to US$ 21.2 billion for the same period last year,” the Ministry said. It implies robust growth of approximately 41% over last year, it added.
Even compared to the pre-pandemic year (fiscal year 2019-20), exports for the textile sector increased by 14.6% from April- December 2021 as compared to April-December 2019.
“The sector has exhibited an increase in exports of 31%, Cotton Yarn/ Fabrics/ Made-ups, Handloom products, etc. exhibited an increase of 43% and Jute products exhibited an increase of 33% from April- December 2021 as compared to April-December, 2019,” said a senior officer of the Textile Ministry.
The government has set the target of $44 billion for Textiles & Apparel including Handicrafts and approximately 68% of the annual target has already been achieved. The last quarter of FY always has higher activity than the earlier quarters.
“Hence industry is hopeful that targets will be duly met,” the Ministry said.