Textile Boom: Tirupur Garment Exports Surge 8.3 Per Cent To Rs 26,000 Crore In FY19

In a sign that India’s textile exports are growing at a brisk pace, Tirupur Exporters Association(TEA) ,India’s country’s leading readymade, knitwear cluster, recorded a growth of 8.3 per cent in its export revenue, which touched Rs 26,000 crore, reports Financial Express.

With domestic sales to the tune of Rs 24,000 crores, the association’s overall business has crossed half a trillion mark, said TEA president Raja M Shanmugam.

“Owing to a tremendous surge in he exports in last six months of the FY 2019, after an average record in the first half, the export growth in the last six months, corresponding to the same period in 2017-18, saw a growth of 31.15 per cent, which is encouraging. As most of the major issues surrounding the demonetisation and implementation of GST are settled down now, the member companies are back on growth trajectory” said Shanmugham.

Exuding confidence on breaching the Rs 60,000 crore mark (domestic&exports) in the ensuing FY, Shanmugham said that the association is aiming at Rs 1 lakh crore turnover at the stroke of 2022.

India’s textile exports for the FY 2018-19 stood at Rs 1,12,715 crores, recording a growth rate of 4.7 per cent over the previous FY’s performance valued at Rs 1,07,679 crore.