However, signs of recovery are visible in FY 2021-22 and this growth signals an economic rebound, the statement said.
During the period among April and December, 2021, total textiles and apparels exports, including handicrafts, remained at $29.8 billion when contrasted with $21.2 billion recorded for the relating time of the earlier year. This suggests a robust development of around 41% when contrasted with the year prior period, the Ministry of Textiles said in an assertion on Wednesday. In FY 2020-21, there was a deceleration in textile exports because of the Covid-19 pandemic that upset the supply chain and demand.
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The government has set a target of $44 billion for textiles and apparel exports, including handicrafts, and approximately 68 per cent of the annual target has already been achieved.
The last quarter of a financial year always has higher activity than the earlier ones. Even compared to the pre-pandemic year, i.e., 2019-20, textile sector exports increased by 14.6 per cent in April- December 2021 as compared to April-December 2019.
Textiles exhibited an increase in exports of 31 per cent, cotton yarn/fabrics/made-ups, handloom products etc. exhibited an increase of 43 per cent and jute products exhibited an increase of 33 per cent in the April-December 2021 period as compared to April-December, 2019.
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