Textiles Secretary Rachna Shah has said that the government will accord focused attention to promote India's textiles exports, which declined for the second year in a row in 2023-24. The government has set an ambitious target to achieve $100 billion export for textile products by 2030. The cumulative exports of textiles and apparel from India during April 2023-March 2024 registered a de-growth of 3.24 per cent at $ 34.4 billion, as compared to $ 35.5 billion in April 2022-March 2023. In 2021-22, outward shipments of textiles and apparel were recorded at over $ 41 billion.
On the decline in India's textiles exports in 2023-24, Shah said ‘we had challenges like the Red Sea crisis making it slightly more challenging.’ Although geo-political challenges remain, she said some exporters have reported improvement in their order books in the first quarter and the shipments are likely to improve in the coming months. She said ‘we will be looking at more focused attention on products which have greater export potential and the production linked incentive (PLI) scheme is focused on those globally traded products.’ Shah also outlined other measures being looked at to promote exports from the sector, including ‘possibly looking at newer markets’. She added that the free trade agreements (FTAs), which India has entered into with other nations hopefully will open up more opportunities for the textiles exports.
Sharing the outlook for outward shipments from the textiles sector, she said ‘we should look at higher exports happening now. The global demand also will start looking better. Already in the first quarter we have seen some of our exporters have reported that the order positions for apparel, made-ups etc, is looking up so that should play out’. She noted that India has been losing ground in global garments trade to countries like Bangladesh and Vietnam due to their lower labour costs, larger operation footprints, and benefits from free trade agreements.
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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