India Textile Exports Are In Trouble 60 Billion Rupee Stimulus Plan Will Start

World clothing shoes and hats,

The Minister of Iran Smriti (Irani) recently held an award ceremony in Mumbai, organized by the Syntheticand Rayon Textiles Export Promotion Council, which said the 60 billion rupee textile industry stimulus plan will promote the textile and garment industry, and strengthen financial support for small businesses.

According to a news agency report, Iran Yi said that the government is providing support so that the industry will have the greatest potential in the coming years.

SRTEPC chairman Narain Aggarwal said that in the 2017-2018 fiscal year, the country's exports of synthetic fiber and rayon textiles will reach US $6 billion, up from 5 billion 700 million US dollars in the same period last year.

He said India is the second largest producer of man-made fibres and will promote growth in this field worldwide.

India currently produces 1 billion 441 million kilograms of synthetic fibers and 3 billion kilograms of artificial filaments.

Aggarwal added that the end use demand of global textile fibers is expected to grow by an average of 2.8% per year, to 1.192 million tons by 2025.

In the past two months, cotton prices in India increased by 11%, pushing up the cost of raw materials and reducing the competitiveness of cotton yarn exports.

Meanwhile, international cotton prices have risen by 17%, but India's rupee has appreciated by 2.7%, which has offset the impact of rising global cotton prices.

According to statistics, the export volume of cotton yarn and cotton cloth in India in December 2017 increased by 0.38% to 938 million US dollars in dollar terms, up from 935 million US dollars in the same period last year, and the export of artificial yarns and textiles increased by 6.77% to 417 million US dollars over the same period last year, up from 390 million US dollars in the same period last year.

It is understood that driven by other commodities,

Prices continued to rise. Cotton prices in India rose to 42000 rupees / cande from 10517 rupees / candle in November 2017, up 11%.

Under the implementation of the GST unified tax system, there are several important export incentives that are difficult to implement, resulting in the continued weak domestic demand in India, the increasing competitive pressure on cotton and cotton textile exports, and the weaker competitive advantage between India and other exporting countries, such as Bangladesh, making export growth even more difficult.

According to statistics, the utilization rate of India's capacity began to decline in late December, and the export volume of cotton garments was 1 billion 336 million 630 thousand US dollars, compared with 1 billion 454 million 170 thousand US dollars in 2016.

Recently, the India Garment Export Promotion Committee (AEPC) has been negotiating with the government to restore tariff rebates and other incentives to stimulate exports.

More wonderful information about the world clothing shoes and hats net!