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The manufacture of textiles index fell to 102.3 in October 2022 from 125.6 in August 2021. The cumulative index also came down from 107.6 to 116.6. The industry has recorded a negative growth of 18.6 per cent in October and 7.7 per cent in April- October 2022, as per the IIP data.
India’s textiles and leather industries are among the worst hit sectors as per the IIP for October 2022. The index of manufacture of textiles, wearing apparel and leather and related products recorded a double digit hit in the period under review. The data confirms what the textile value chain has been facing in the last couple of months.
The apparel index slipped by 37.1 per cent to 102.9 in October 2022 from 163.6 in the corresponding period of last year. However, cumulative index managed to register a growth of 5.6 per cent to reach 129.9 from 122.9 of October 2021.
The index of leather and leather products fell by 24.3 per cent to 78.1 from 103.2 in the same month of last year. Cumulative index slipped 5.3 per cent to 94.3 per cent from 99.6 per cent in October 2021.
IIP confirms the sluggish demand and price pressures on the textile value chain. Indian textile industry is facing added pressure as cotton prices did not go down as expected during the arrival season. Therefore, the entire value chain is facing the pressure from high cost of production, and at the same time, they are unable to increase the prices of their finished products as demand has remained weak for the last several months.
Fibre2Fashion News Desk (KUL)
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