The Centre announced a significant growth in India’s textile and apparel exports, including handicrafts, which rose by seven percent from April to December 2024 compared to the same period in the previous year.
This increase highlights the growing prominence of Indian textiles on the global stage.
In a written response in the Lok Sabha, Pabitra Margherita, the Minister of State (MoS) for Textiles, stated that India ranks among the top textile exporting countries worldwide, holding a four percent share of global textile and apparel exports.
The United States, European Union, and the United Kingdom are key export destinations, collectively accounting for around 53 percent of India’s total textile and apparel exports in the financial year 2023-24.
India’s Textile Industry: A Powerhouse Of Resources And Manufacturing Strength
The Minister highlighted the robust foundation of India’s textile industry, which is one of the largest globally.
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India’s textile sector benefits from a vast raw material base, including natural fibers like cotton, silk, wool, and jute, as well as manmade fibers.
Additionally, India boasts significant manufacturing strength across the entire value chain, from fiber production to fabric and garment manufacturing.
Policy Measures To Boost Export Potential
In efforts to further enhance textile exports, the government has taken strategic policy steps.
One notable move is the reduction of the customs duty on Extra-Long Staple (ELS) cotton to zero, effective February 20, 2024.
This decision is part of the India-Australia Economic Cooperation and Trade Agreement (ECTA), which allows for the duty-free import of 51,000 tons of ELS cotton since December 29, 2022.
India Expands Trade Partnerships With FTAs and PTAs
To boost export potential further, India has signed 14 Free Trade Agreements (FTAs), including recent agreements with the UAE, Australia, and the EFTA countries (Switzerland, Iceland, Norway, and Liechtenstein).
Additionally, India has entered into six Preferential Trade Agreements (PTAs) with various trading partners.
Government Takes Action Against Low-Quality Imports
In another key development, the government has imposed a Minimum Import Price (MIP) of USD 3.50 per kilogram on Harmonized System of Nomenclature (HSN) codes under heading 6006.
This move aims to control the import of low-cost and low-quality knitted fabrics, ensuring the competitiveness and quality of domestic textiles.
The combined efforts in policy and global partnerships signal India’s growing prominence in the international textile market.
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