Apparel Online Bangladesh Magazine February Issue 2019 | Page 52

BEYOND BD HAVE YOUR SAY BREAKING NEWS Tell us your news by emailing at [email protected] To read the latest sustainability news, go to https://apparelresources.com/business-news/sustainability/  Indian apparel & textile sector on road to revival: CITI The stressed advance ratio of the textile sub-sector has been growing constantly. According to the Financial Stability Report – December 2018 released by the Reserve Bank of India (RBI), the ratio of the textile sector came down to 18.7 per cent in September 2018 from 23.7 per cent in September 2017. The quick estimates data shows that the exports of textiles and clothing stood at Rs. 18,965 crore in November 2018, compared to Rs. 16,707 crore in November 2017, posting a double-digit growth of 14 per cent. This was confirmed by Confederation of Indian Textile Industry (CITI) on 8 January 2019. CITI further added that during the same period, apparel exports surged at an impressive rate of 21 per cent. “I am delighted to see the positive Index of Industrial Production (IIP) data,” stated Sanjay Jain, Chairman, CITI. It is imperative to note that the IIP production data for apparels and textiles also saw a robust Y-o-Y growth during October 2018, as against October 2017. Similarly, textiles and apparel recorded an increase of 6.2 per cent and 28 per cent, respectively, during October 2018. Jain also said that the positive boost in the entire textile value chain has been the result of pragmatic approach shown by the Union Finance and Commerce Ministries. The Centre’s support extended to the industry includes disbursement of Rs. 1,300 crore for the Samarth Scheme, Rs. 6,000 crore for apparel and made-ups package, along with other state incentives. Lack of skilled labour, raw materials continues to affect Laos garment sector The garment sector in Laos continues facing the crisis of skilled labour and domestic raw materials. This was stated by Xaybandith Rasphone, President, Association of the Lao Garment Industry while recently addressing the 8th General Assembly. apparel exports. Reportedly, the Association is putting all efforts by closely cooperating with important Government agencies and departments and also joining hands with local garment business He further added that owing to steep increase in costs, manufacturers have very little capacity to bargain the buying prices. Lack of skilled labour has been a perennial concern for the Laos garment and textile industry leading to massive reduction of 52 Apparel Online Bangladesh | FEBRUARY 2019 | www.apparelresources.com heads to promote the garment industry of Laos. According to the Association, besides lack of domestic raw materials, high transportation costs have also been big detriments to the growth of the apparel industry in Laos. Notably, the country till date does not have any direct sea routes, which too has impacted the growth of the garment industry. Laos majorly exports garments to the European Union, Japan, the United States and Canada.