MUMBAI: India’s share in global exports of cotton yarn shrunk 600 basis points to 23 per cent in calendar year 2020 (CY2020) from 29 per cent in CY2015, while in readymade garments (RMG), its share has stagnated at 3-4 per cent over the past decade.
Lack of free trade agreements (FTAs) and significant improvement in peer competitiveness are the main reasons for this fall.
Textiles is important to India’s $313 billion merchandise exports as it accounts for 11 per cent of the pie. The sector is also a significant employment generator.
Given its economic importance, the sector has seen a slew of measures from the government …
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