Indian Government to promote fabric export to Bangladesh
Indian textile ministry is initiating efforts to help Indian textile companies export more fabric to Bangladesh.
It really is noteworthy that Bangladesh, which is world’s #2 2 found in garment export, majorly imports cloth from China.
Addressing Texcon’19 conference of CII, Ravi Capoor, Secretary, Ministry of Textiles explained that before long an Indian delegation might visit Bangladesh in this respect and can explore how India’s textile export can be increased so far as Bangladesh is concerned.
As per DGCI&S info, India’s clothing import from Bangladesh found in 2016-17 was US $ 140 million, while found in 2018-19 the same was first US $ 365 million - That’s an unbelievable jump of 161 per cent.
Out of India’s total outfits import, Bangladesh contributed 33 % in 2018-19.
The industry has requested the Government that it is necessary to impose important safeguard methods like Rule of Origin, Yarn & Fabric Forward Rule to avoid the cheaper imports that greatly affect the domestic making sector.
But India can’t unilaterally impose a cloth forward coverage with the neighbouring nation because it is not covered beneath the Southern Asian Free Trade Area (SAFTA).
It is pertinent to say here that cotton, man-made filaments and man-made staple fibres will be the three major items getting exported from India to Bangladesh in the textile segment.
As per World Bank, India exported US $ 2.25 billion-worth textile and clothing products to Bangladesh in 2018-19.
According to India’s official data, India has noticed 37.94 % and 33 % growth of man-produced filaments and knitted fabrics, respectively, in 2018-19 in comparison to what it had been in 2017-18.
Over the years, Indian textile companies have already been taking part in various sourcing exhibitions and having their booths to improve their presence. Besides, several top corporations like Vardhman Textiles Limited likewise have their office buildings in Bangladesh.
Source: apparelresources.com
