look news india
60000 crore jump in India textile exports: The economic condition of Bangladesh has deteriorated due to the escape of former Prime Minister of Bangladesh Sheikh Hasina from the country, riots and coup incidents. Many businesses in Bangladesh have almost come to a standstill. But India has benefited from this crisis in Bangladesh. India's exports have increased.
Promote textile exports
Since the crisis in Bangladesh, the world's second largest textile exporter, at the beginning of the year, the market has turned towards India. The Indian textile industry, which exports textiles to the world including Britain, America and Europe, suffered a loss of crores of rupees due to the Bangladesh crisis. Got business worth Rs 60 thousand crores. Many countries are turning to the Indian textile market instead of Bangladesh. This has boosted the country's exports.
India's textile exports increased
According to Commerce Ministry data, the country's textile exports increased by 8.5 percent to $ 7.5 billion (Rs 60 thousand crore) during April-September of the current financial year amid global challenges. In September, exports of readymade garments increased by 17.3 percent to $ 1.11 billion (Rs 9332 crore).
trade spread around the world
Bangladesh's textile business is spread all over the world. But he has suffered a lot due to stress. Bangladesh exports textiles worth $3.5 to 3.8 billion on a monthly basis. Bangladesh exports textiles from European countries to Britain and America. According to 2022 data, Bangladesh is the second top textile exporter in the world after China, worth $57.70 thousand. India is the fourth top exporting country with textile exports worth 41.10 thousand dollars.
India will benefit
India is directly benefiting from the Bangladesh crisis. India's textile industry has benefited significantly in the last six months. According to experts, Indian companies having manufacturing units in Bangladesh can shift their business back to India. Export capacity will also increase.