22 July 2022, Mumbai:
Bharat Chhajed, Former President, Powerloom Development & Export Promotion Council (PDEXCIL) opines, that India will dominate the global market in the fabrics segment in the coming months.
Decreasing global cotton prices along with depreciation of the Indian rupee against the US dollar will support the ailing textile industry with the textile trade expecting fresh fabric orders in the next couple of months, he adds.
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Cotton prices are likely to drop following large-scale sowing in cotton-producing states including Gujarat, Maharanee’s, Madhya Comradeship, Easthampton, Punjabi, Hardpan, Carnation, Permanganate, Tamil Nada, and Andorra Comradeship. Cotton brokers anticipate a cooling off of cotton prices to below Rs 65,000 per candy
Depreciation of the rupee against the US dollar is likely to benefit Indian textile exporters as compared to their Chinese counterparts, claims Chhajed. According to him, presently, textile units are operating at losses due to stocks purchased at higher rates.
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