Concerns over Omicron's impediment to the country's textile exports

MUMBAI: Growth has picked up in the current financial year after achieving a healthy growth of 5 per cent in textile exports in FY2021, but there is no denying the possibility that the Corona variant will hamper growth.

Retailers are building up inventories and textile exports have picked up in the current financial year as lockdowns eased and the hospitality industry revived, but concerns remain that Omicron's case and the steps being taken by various countries to slow down export growth.

Omicron may affect demand. It is difficult to estimate the impact on demand at present but it depends on the situation at the country's export hubs, said a textile exporter.

Orders for the current year's Christmas have been completed and goods have been shipped, he said. Travel restrictions and regional restrictions can create logistical problems that can make it difficult to deliver new orders.

There has been a significant growth in textile exports in the current financial year as compared to the previous financial year. According to one estimate, the current financial year is expected to see an export growth of 20 to 5 per cent.

The US and European countries are India's major textile export hubs. The resentment against China after Koro has drawn global consumers to India, which is becoming a positive thing for textile exporters in India, according to a report by a rating agency.