India’s growth of Industrial Index of Production (IIP) rebounded in September 2022 to 3.1 percent which could have been higher had the textile sector performed even at an average rate. Textiles and clothing sector (T&C) performed poorly on IIPs. In September, index declined 12 percent for textile manufacturing and 21.7 percent for apparel manufacturing.
Textile sector is facing a slowdown in India and the world at large due to economic adversities. Therefore, India’s domestic and export demand for apparel has declined in the previous months. According to an analysis of Confederation of Indian Textile Industries (CITI), the index for manufacturing of textiles declined to 106.8 (-12 percent) in September 2022 from 121.4 during the same period of last year. Manufacturing of weaving apparel went down from 158.7 to 124.7 (-21.7 percent).
Cumulative index for April-September 2022 fell 108.8 (-5.5 percent) for manufacturing of textiles. The index was noted at 115.1 in April-September 2021. The index of wearing apparel increased from 116.1 to 134.2 in April-September 2022.
IIP for September 2022 rose to 3.1 percent from August’s contraction of 0.7 percent. Growth in September 2021 was 4.4 percent. For the April-September period, IIP grew by 7 percent compared with a 23.8 percent rise in the previous year’s same period.
