Drop in India’s textile exports
India’s textile and apparel industry is hit by tough international competition as other leading nations in the garment industry such as Bangladesh and Vietnam are being given preferred access in India’s biggest textile market — the European Union. “Apart from challenges in the EU market, retail trends in the US also remain unencouraging, which could exert additional pressure on the order flow for India’s apparel exporters going forward,” opined Jayanta Roy, Senior Vice-President and Group Head, ICRA.
Overall, too India’s exports have tumbled in the current fiscal year. For instance, India’s containerized exports to China declined by 20% in the second quarter of the present fiscal year, led by a reduction in demand for India-made textiles & apparel.