Textile industry yet to make global cut

NEW DELHI: India, though categorised as a major textile exporter, had a global market share of 2.8% in 2023, much lower than that of China (30%), Bangladesh (9%) and Vietnam (7%), the Economic Survey 2024-25 highlighted.

Reflecting on the challenges, it said textile exporters are constrained by complex procedures, which, for instance, require them to account for every square cm of fabric.

Similarly, pre-shipment inspection certificates are required for textile imports, which slows down logistics and raises costs for the textile business, the report said.

It said after recording a high of $44.4 billion in FY22, India's export of textiles and apparel, stood at $35.8 billion in FY24, compared with an export of $36.69 billion in FY23.