Published on July 18, 2016

With the prospects of growth in the apparel segment and higher fibre prices, textile exports are expected to cultivate at 6 per cent to USD40 billion in FY2017.

As per the market report, for FY2017, raw-cotton export is expected to decline, while other segments, such as apparels, shall see constructive growth, especially due to improved export competitiveness supported by the recent financial package for the textile industry.

In near term, the much-awaited new National Textile Policy will soon be placed before the Cabinet seeking approval, the policy contains a package to boost job creation and promotion of made-ups for the home textile sector, on the lines of the one which was extended to the apparel industry, said by market report.

Apart from that, the government has already started the process of reviewing the existing free trade agreements and is also negotiating the FTAs with EU, Australia and Canada which will boost the industry.

Presently production of man-made fibre has been on an upward trend. Government is looking for special agreements with countries like Russia and Brazil, so that some preferential tariff pacts can be signed. The agreement with these countries will be fruitful as these countries have lot of potential.