The quick estimates of Index of Industrial Production (IIP) for August has showed an encouraging trend for the textile and clothing sector. The monthly index for textiles has increased from 116 during August 2017 to 125.1 during August 2018 showing an increase of 7.8 per cent. However, the cumulative index has increased from 116.3 during April-August 2017 to 119.7 during April-August 2018 showing an increase of 2.9 per cent, said the Confederation of Indian Textile Industry (CITI).
Similarly, the monthly index for wearing apparel has increased from 121.4 during August 2017 to 144.3 during August 2018, showing a robust increase of 18.9 per cent. However, the cumulative index has increased from 142.6 during April-August 2017 to 144.2 during April-August 2018 showing a marginal increase of 1.1 per cent, CITI added.
Sanjay Jain, Chairman, CITI, said the general Index for August 2018 is 4.3 per cent higher as compared to the level in August 2017. The cumulative growth for the period April- August 2018 over the corresponding period of the previous year stands at 5.2 per cent. According to him, these is a positive development and bring cheers for the overall textile industry as the Union Textile Ministry played a big role through its pragmatic approaches in the last few quarters.
As said earlier, this turnout is just a beginning of a new dawn especially after industry faced back to back two big economic reforms ‘demonitisation’ and ‘GST’ implementation. The industry strongly believes that this positive trend will continue and motivate the industry attracting fresh investments. It will also encourage industry to promote ‘Make in India’ initiative as mooted by the Union Government.