The Department of Commerce forecasts that in November 2024, India’s merchandise trade imbalance increased to a record high of US$37.84 billion. The increase is a reflection of the twin problems of growing imports and a slowing global economy. India’s Textile and Apparel (T&A) industry showed incredible tenacity in the face of severe challenges, recording an export increase of 5.81% over the previous year.
The Confederation of Indian Textile Industry (CITI) Chairman, Shri Rakesh Mehra, praised the industry’s steady performance in spite of difficult global conditions. “The T&A industry has made encouraging strides this year, especially with robust export growth in October 2024,” he stated. However, November presented difficulties because of persistent economic and geopolitical unpredictabilities that affect international trade flows. India’s cost competitiveness needs to be given more attention in light of the growing imports of clothing and textile goods.
Shri Mehra acknowledged these challenges but expressed optimism about the industry’s future in the months to come. He emphasized how crucial government assistance is to bolstering India’s economic advantage, especially as international rivalry heats up.
It is concerning that the RoDTEP program for AA/SEZ and EoU units will expire on December 31, 2024. In accordance with DTA units, a prompt renewal of this program would assist in resolving cost issues and maintaining the momentum of export growth,” he said.
CITI is still optimistic about the government’s proactive attitude and expects the RoDTEP program to be extended to help EoU and AA/SEZ units. Indian T&A goods can sustain sectoral expansion and keep their competitive advantage in international markets with ongoing policy support.
