Discussions focused on the current status of the knitwear sector, technological advancements, skill development initiatives, environmental sustainability measures and future growth opportunities for the textile industry.
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The recommendation was made after representations from the cotton-consuming industry and the move was aimed at addressing concerns over raw material availability and costs faced by the textile sector.
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Over the last five years, Vishal Mega Mart’s revenue and net profit recorded a compound annual growth rate (CAGR) of 23.72% and 47.8% respectively.
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The garment exporter, which manufactures across South Asia, South-East Asia and Central America, posted consolidated revenue of Rs. 5,025 crore (US $523 million).
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Indian consumers show stronger responsiveness to impulse buying triggers, influencer-led engagement, and AI-powered shopping experiences than their counterparts in Australia and Singapore.
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The Ministry stated that India possesses one of the world’s largest textile recovery and recycling ecosystems, supported by long-established value chains centred on reuse, repair, recycling, and repurposing.
