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Textile industry on path of recovery

The stressed advance ratio of the textile sub-sector has been improving continuously. As per Reserve Bank of India (RBI)’s financial stability report, the ratio has improved from 23.70% in September 2017 to 18.70% in September 2018.

Notably, the export of textiles and apparels stood higher at Rs 18,965 crore in November 2018, against Rs 16,707 crore in November 2017, registering a 14% growth, said Confederation of Indian Textile Industry (CITI).

During that period, apparel exports have grown at a remarkable 21%, it added.

Sanjay Jain, Chairman, CITI, said it was interesting to note the positive Index of Industrial Production (IIP) data.

It is pertinent to add here that the IIP data for textile & clothing (T&C) also witnessed robust year-on-year growth during October 2018 versus October 2017.

Also, textiles and apparel have registered a growth of 6.2% and 28%, respectively, during October 2018.

The timely policy support and intervention should be considered as an important step when the industry was under severe stress, especially after the implementation of GST, Jain pointed out.

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