: Progress made by Textile Industry in FY22 to carry on in FY23: CRISIL SME Tracker #finance #StockMarketNEWS Progress made by Textile Industry in FY22 to carry on in FY23: CRISIL SME Tracker New

Progress made by Textile Industry in FY22 to carry on in FY23: CRISIL SME Tracker #finance #StockMarketNEWS
Progress made by Textile Industry in FY22 to carry on in FY23: CRISIL SME Tracker New Delhi, Mar 29 (KNN) The textile sector in India will carry forward the growth it has made in Financial Year (FY) 2021-22 to FY23 and will recover from the lows hit during the onset of the pandemic.

The CRISIL SME Tracker has said that there has been an improvement in the demand for textile products as economic recovery is felt internationally as well.

Indian exports has benefitted due to the US ban on China’s Xinjiang cotton and are likely to continue growing in the medium term, while impact of the Russia-Ukraine crisis remains a monitorable though, said the analysis by CRISIL.

In FY21, the cotton yarn market is likely to grow at 38-42 per cent led by exports, which picked up rapidly from the second quarter.

Owing to sustained recovery in both domestic and export markets, the market is expected to increase a further 8-12 per cent year-on-year in the upcoming fiscal year.

After a seeing a fall in last financial year, Readymade garments (RMG) is projected to grow 16-20 per cent this fiscal and a further 13-18 per cent in FY23, riding on the reopening of offices, commercial premises, and educational institutions.

With the more significant focus on health and hygiene incited by the pandemic, home textiles segment is expected to grow. (KNN Bureau)

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