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Rupee fall boosts textile exports
Why is it in the news?
- With 54% growth in rupee terms in October this year when compared with same month last year, the textile and apparel sector seems to have seen a revival.
- In dollar terms it was 36% for the same period.
More in the news
- As per the Industry source, total textile and apparel exports grew 38% in rupee terms and 22% in dollar terms for the same period.
- Last year exports had dropped due to the impact of GST introduction.
- This year Rupee depreciation seems to have encouraged exports now.
- Manufacture of textiles grew 5.4% this September year-on-year and manufacturing of wearing apparel saw a 20.9% growth for the same period.
- As per some experts, market sentiment was good and that demand had picked up in the U.S. and the European Union.
Textile industry in India
- The Indian Textile industry is one of the largest in the world with a large raw material base and manufacturing strength across the value chain.
- Textile plays a major role in the Indian Economy(i) It contributes 14% to industrial production and 4% to GDP.(ii)With over 45 million people, the industry is one of the largest source of employment generation in the country.
- India is the largest producer and the second largest exporter of cotton in the world. India is also the leading consumer of cotton.
- At 50% of world production, India is the largest producer of raw jute and jute goods in the world
- India is also the second largest producer of silk in the world
- The Textile sector in India is dominated by women workers, with 70% of the workforce being women.
Source
The Hindu, IBEF.