India’s textile sector is experiencing a resurgence, driven by increased demand from Western markets, particularly for festive seasons like Christmas. In October 2024, the country’s overall goods exports surged by 17.23% to a fiscal high of $39.2 billion, despite geopolitical tensions and logistical hurdles.
While the trade deficit widened to a two-month high of $27.14 billion due to a rise in oil and gold imports, the positive trend in exports is a significant boost for the Indian economy. The Commerce Secretary, Sunil Barthwal, attributed the growth to robust Christmas sales and a promising outlook for the remainder of the year.
Textile Sector Takes Center Stage
The textile industry has been a key contributor to this export growth. Sectors like engineering goods, electronics, gems and jewellery, readymade garments, leather, jute, handicrafts, pharmaceuticals, and chemicals have all witnessed significant increases in exports.
Overcoming Challenges and Seizing Opportunities
Despite challenges such as the Israel-Iran conflict, Indian exporters have demonstrated resilience. The realignment of global supply chains, particularly due to the Bangladesh crisis, has presented new opportunities for India to position itself as a viable alternative to China.
Industry experts like Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), and Mithileshwar Thakur, Secretary General of the Apparel Export Promotion Council, have emphasised the need for government support to capitalise on this momentum. This includes measures such as handholding, capacity augmentation, skill development, investment, and sustained financial assistance.
As India continues to navigate a complex global economic landscape, the textile sector’s strong performance offers a glimmer of hope for sustained growth and economic recovery.
