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Saturday, July 13, 2024

Indian textile industry experts optimistic on recovery trends

India’s textile exports increased by 11.2 percent in May 2024 compared to the previous year, marking the highest growth in 18 months and the best since November 2022.

Experts told US media that the diversification away from China started with a little more aggression and that is because when the brands were buying less there was very little to diversify away from, but now that they are buying again, they are looking at increasing the allocation for the Indian region.

At the same time Bangladesh is also maxing out and there is some degree of preference for India and these macroeconomic moves are helping the country. Meanwhile, leading Indian textile company Gokaldas Exports, announced a strategic stake of ₹350 crore in BRFL Textiles Private Limited (BTPL) which is a separate entity of Bombay Rayon Fashions Limited (BFRL).

Meanwhile, an expert said that de-risking from Bangladesh and China Plus 1 is working for the Indian textile industry. Most of the business is coming to India and Sri Lanka because too much of orders are placed in Bangladesh, he revealed.

According to experts, retailers would love to move more business from China to India and Sri Lanka – that process has started now and for the coming season, orders are placed in India and Sri Lanka. So, risk mitigation in Bangladesh and China Plus 1 is working.

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