Shri Sunil Patwari, Chairman Texprocil in a statement today said that the export of cotton textiles for the year 2023-2024 have reached US$ 11,683 million, growing by approx. 6.7% over the previous year.
He said that this accomplishment underscores the resilience, determination, and collective efforts of all the exporters who inspite of strong headwinds like geo strategic challenges on account of Russia- Ukraine conflict, Red Sea crisis and high raw material costs and fluctuating demand have achieved positive growth.
He also stated that the proactive support of the government in terms of continuing with RoDTEP & RoSCTL Scheme and timely disbursal of export benefits have also helped the cotton textile industry to remain competitive.
Shri Patwari stated that even though the cotton textile industry has shown positive export growth this year, there are still a few challenges that need to be addressed at the government level. Some of these include availability of raw materials at international prices; high interest cost; preferential access to key markets.
However with a new Government assuming office after the General Elections, Mr Patwari was confident that these issues will get addressed. Mr Patwari also stated that the textile industry was eagerly looking forward to the early signing of the Indo- UK and India – EU FTA after the elections which will further boost exports in the new fiscal year 2024-2025.