The textile parameters are decreasing in many parameters
India’s economy, especially in the textile industry has been decreasing in the FY 22-23. A recent survey was conducted by the Economic survey of India where the private investors were gathered. In the survey, it was observed that the textile, apparel and leather industry has seen a rapid growth despite of the export demand remaining soft due to global demand.
The results of the survey was announced by the finance minister-Nirmala Sitharaman in the budget session, held in January. The survey report said that, the textile industry of India made a private investment of Rs.10,000 crore in the first half of 2022-2023 (till September 2022). The investment was seen to be slowing down to Rs.7000 crores in the second fiscal. In the areas of automobile, pharma and chemical, textile industry was not able to perform upto the mark.
The textile industry’s growth in the textile industry was quite disappointing because of the high demand in the current fiscal, around the globe. On the other hand, the industry also saw a growth in the month of May by 5.9% across the globe. In the month of July, there was a decrease of 0.4% and a high decrease of 18.7% in November 2022.
The wearing apparel saw a growth of 55.2% in April 2022 but went to negative mark in August 2022 (-18.3%), since Aug 2022, the negative mark has been quite a disappointment. Though a product’s growth has seen a rise of 5% rise in April and 25.5% rise in September, the survey of the manufacturing sector stated that the industry has been witnessing a offtake since Nov 2022. The Foreign Direct Investment failed to recover from the disruption in fiscal 2020-21 caused due to COVID-19.