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Indian Garment Production Witnesses Sharp 22.6% Decline in April-August Period

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Published: Wednesday, 01 November 2023 09:28

Indian garment production has seen a significant 22.6% year-on-year decline during the initial five months of the fiscal year 2024, as per data from the Confederation of Indian Textile Industry (CITI) concerning the Index of Industrial Production for Textiles and Apparels.

The CITI data highlights that the garment index experienced a substantial 22.6% drop between April and August 2023, primarily attributing this downturn to a slowdown in both domestic and export market demand. Experts are concerned that if this trend persists into the coming year, it could lead to potential job losses in the industry.

However, there is a glimmer of hope as the data also indicates a slight improvement in August 2023, with the garment index declining at a slower rate of 17.1%. In contrast, the textile index showed a marginal rise of 1.6% compared to the same period in the previous year. This suggests that the industry may be on the path to stabilization, but challenges remain in restoring growth and employment prospects.