13 July 2022, Mumbai:
The textiles and clothing industry exported merchandise worth around US$ 44.4 billion during the year 2021-22, accounting for around 10% of the total exports, and has been gearing itself to boost exports by taking advantage of the numerous policy initiatives by the Government during the last two years.
The textile industry has been facing challenges on account of the volatility in the forex rates especially the US dollar rates. The Rupee has depreciated to a record level in recent days.
RELATED NEWS . SIMA appreciates government for removal of anti-dumping duty on yarn
In a press release issued here today, Mr. Ravi Sam, Chairman, The Southern India Mills Association (SIMA) welcomed the RBI announcement of the international trade settlement in Indian Rupees (INR) and stated that proactive initiative by the Government has given a sigh of relief to the Indian exporters and importers, who have been facing challenges owing to the tightening of monetary policies all over the world.
He has said that the policy would encourage the countries having substantial trade with India and having forex shortages to increase their trade with India thereby throwing more opportunities to boost the exports apart from helping India to reduce its trade deficits on account of oil imports.
SIMA Chairman has stated that though the real benefit could be reaped only after a considerable time, in the long run, this would encourage several countries intending to trade in INR to opt for such trade and thereby make INR become yet another international currency for international trade.
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