Laying the foundation for a secure tomorrow
Historically, the textile sector in India is the 2nd largest employer and a great contributor to building the national economy and comes with a proud heritage.
Trying to find the ground under its feet in the changing and evolving geopolitical rebalancing.
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Uncertainty around the economic outlook:
It's aspirational for India's textile industry to have a moment under the sun when the Trump tariff pause button is withdrawn on July 8th.
According to Mithileshwar Thakur, SG AEPC India, given that we have over-dependency on the US market for Indian textile exports, as 26% can put the industry in jeopardy, given India's manufacturing cost structure and the structural issues the sector is faced with inherently.
But still no signs of despondency, albeit any bad trade pact can upend the economic interests of a sector responsible for 45 million job creations and a notable contribution to Indian overall exports and accounting for 14% contribution to IIP valued at over US$ 100 billion or thereabouts as things stand currently (Indian Industry Production) that gets the flywheel moving.
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Thorny circumstances:
According to one senior representative of Gokaldas Exports, Bangalore, considering the sector works on weak single-digit margins and the sector has no pricing power and recessionary trends, customers will also have limited capacity or intent to pay inflationary prices for their clothing, leading to demand softening.
So clearly, tariffs are raising prices and are bringing economic headwinds for a sector already struggling.
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Spot of bother: Looking at the uncertain future
Tariffs are a concern, putting upward pressure on inflation.
Official downgrade estimates for economic growth don't augur well for the broader global trade.
Amit Shah, H'ble Home Minister, "In today's world, our growth cannot be very different from the global growth."
We need a clear pathway and visibility on our way to the Viksit Bharat 2047 vision!
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