The Confederation of Indian Textile Industry (CITI) has predicted that there would be an increase in the demand of Indian textiles in the domestic and global markets.
In a statement, CITI chairman Prem Malik said there was a decline in China’s imports that had led to lower demand for Indian cotton yarn. However, with the Chinese market picking up, the monthly registration of export contracts for cotton yarn has already crossed 124 million kilos, he said.
Mr. Malik stated that the ensuing festival season is expected to accelerate the demand for all textile products and this would help the industry achieve substantial growth in the domestic market.
He said the demand for Indian textiles has also increased in the US and in the European Union. Since these countries consume major portion of finished textiles, the economic recovery will induce higher imports into these markets.
As a result, demand for raw materials and intermediate products like cotton yarn and fabrics in the countries that have been supplying finished products to the US and European Union would also improve in the coming months, he added.
Mr. Malik said that all these developments indicate a positive emerging situation for the Indian spinning industry, in particular, and the textiles sector as a whole. (GK)