Streamlining India's Textile Exports: A Stitch in Time

The Economic Survey highlights the challenges faced by India's textile exporters due to complex procedures, urging for simplification to boost competitiveness. With rising costs and a global shift towards sustainable sourcing, the industry must adapt. Experts emphasize the need for reforms and a proactive growth-oriented approach.

The Economic Survey, released on Friday, draws attention to the hurdles faced by India's textile exporters, aiming to bolster growth in the sector. It underscores the need for simplifying procedures that currently hinder efficiency, especially when compared to competitor nations like China and Vietnam.

The survey details the burdensome requirements textile exporters face, such as accounting for every piece of fabric, buttons, and zippers used. Economists highlight the low-hanging fruit: simplifying these processes to save costs and enhance competitiveness. An industry's inclination towards environmentally sustainable production is noted, driven by regulatory changes, notably in the EU.

Industry leaders, including Rumki Majumdar of Deloitte and AEPC Chairman Sudhir Sekhri, commend the survey's forward-thinking stance. Majumdar notes the vital role of the services industry in economic growth, while Sekhri praises the survey for outlining challenges and offering actionable steps for sectoral reforms.

(With inputs from agencies.)