New Delhi, [18 September 2024] – Key players from the textile industry gathered for the 66th Annual General Meeting of the Confederation of Indian Textile Industry (CITI) to discuss the successes and difficulties of the previous year. Chairman Sh. Rakesh Mehra emphasized in his speech the industry’s upcoming opportunities, as well as its challenges.
“Your presence here today is a testament to your commitment and support for our industry, and for that, I extend my heartfelt thanks to all of you,” stated Sh. Rakesh Mehra. “Our sector has demonstrated incredible resilience in the face of major challenges over the last two years, including supply chain interruptions, strong price pressures, and geopolitical crises. Textile and apparel (T&A) exports from India reached a historic high in 2021–2022, but these difficulties caused a drop to US$ 34.8 billion in 2023–2024.”
Mehra gave a detailed account of the industry’s current situation, highlighting early signs of revival along with a drop in exports. “Globally, major markets are displaying promising indicators of a possible recovery, and our latest trade data supports this trend. We are in a position to accelerate our export growth thanks to agreements like the India-Australia ECTA and the India-UAE CEPA.”
The Chairman also highlighted recent government policy initiatives designed to boost the industry, such as the abolition of import taxes on specified cotton kinds and the establishment of Minimum Import Prices for particular knitted textiles. He also emphasized the need for new investment programs to assist MSMEs and the continued work of CITI to resolve concerns pertaining to the supply of raw materials.
“Our industry holds immense growth potential and the ability to create substantial employment opportunities,” Mehra went on to say. “However, addressing the availability of raw materials at competitive prices and incentivizing capacity building across the downstream segment is critical for fully unlocking this potential.”
Mehra emphasized the significance of both domestic policy changes and international trade agreements going future. “The recent Trade and Economic Partnership Agreement with the EFTA and our participation in global events like Bharat Tex 2024 reflect our commitment to showcasing India’s T&A sector to the world.”
The implementation of the Samarth Scheme’s Skill Development training program and PMKVY 4.0, as well as collaborations targeted at raising awareness and fostering capacity building in ESG and HRDD frameworks, were among the other noteworthy advancements in CITI’s initiatives that he mentioned.
“In summary, even though we are navigating a difficult global environment, there is hope because to the resiliency and ingenuity of our sector. I’m convinced we can reach our target of a US$ 350 billion market size by 2030 with the government’s ongoing support and industry cooperation.”
A review of CITI’s major initiatives from the previous year, such as its internationally recognized events, successful events, and current projects centered on sustainable cotton production, was also included in the conference.
