Despite the growing recessionary trend, India managed to see a boom in exports. Major industries in Gujarat experienced mixed fortunes as textiles and chemicals experienced a downturn while the pharmaceutical and engineering sectors saw growth. A look at the important points related to exports-
• Gujarat Chamber of Commerce and Industry (GCCI) President Pathik Patwari said, “India's total exports are expected to reach $760 billion (about Rs 62.2 lakh crore) for the financial year 2022-23.
• IT, ITES, Artificial Intelligence, Machine Learning etc. are emerging as important export contributors.
• Exports from traditional sectors such as textiles and chemicals have declined sharply due to global factors. The government needs to encourage production to make it more competitive in global markets.
• In the first quarter of 2022-23, Indian cotton prices touched an all-time high of Rs 1.1 lakh per candy, impacting the entire value chain.
• According to the Confederation of Indian Textile Industry (CITI), India's textile exports are set to decline by 23.57% between April 2022 and February 2023.
• Indian cotton prices have come down to around Rs 60,000 per candy level, yet Indian cotton is expensive for international markets. Gujarat's garment manufacturers cannot compete with their counterparts in China, Vietnam and Bangladesh.
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Our exports have declined in the financial year due to high cotton prices and low demand. Demand from Europe and the US remains markedly lower. We may register growth in FY 2023-24,”
Rahul Shah, Co-Chair, GCCI Textile Taskforce
“The textile industry has invested heavily in export oriented plants, but it needs government incentives. The quality of Indian textiles is improving and there are huge opportunities. However, the government should ensure timely incentives for the industry.
P R Kankaria, Chairman, Kankaria Textile Industries Pvt Ltd
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