Despite a container shortage and a shipping crisis, India’s textile industry has managed to weave a comeback tale. It is in a favourable position, owing largely to the China Plus One strategy of European and US fashion brands, as well as the US ban on Chinese cotton.
According to the latest available data, the export of ready-made garments (RMG) of all textiles improved by 67% over the first five months of the current fiscal year, indicating a recovery. RMG export revenue was $6.02 billion from April to August this fiscal year, up from $3.6 billion the previous year.
According to industry players, the China Plus One strategy has resulted in at least a 20% shift in exports from China to India.