Latest news with #RakeshMehra
Fibre2Fashion
07-08-2025
- Business
- Fibre2Fashion
CITI urges urgent government action after sharp US tariff hike
The Confederation of Indian Textile Industry (CITI) is deeply concerned about the potential adverse impact of the effective 50 per cent US tariff rate for India announced on August 6 on the Indian textiles and apparel sector. CITI has expressed deep concern over the effective 50 per cent US tariff on Indian textile and apparel imports, saying it could harm India's export competitiveness. Urging swift government action, CITI highlighted slowing exports to the US and called for a balanced bilateral trade agreement to support the sector amid rising global competition. CITI feels that the government should fast-track the introduction of measures to limit the hardship likely to be faced by local textile and apparel exporters following the most recent US tariff decision. The US is India's largest market for textile and apparel exports. After a promising performance in the first quarter of the 2025 calendar year, there was a notable slowdown in textile and apparel exports from India to the US in June 2025. India's exports of textile and apparel items to the world's No. 1 economy grew by only 3.3 per cent compared to June 2024. The rate of growth was much lower compared to India's earlier growth trajectory and significantly below the growth rates achieved by competitors like Vietnam and Bangladesh, CITI said in a release. 'The US tariff announcement of August 6 is a huge setback for India's textile and apparel exporters as it has further complicated the challenging situation we were already grappling with and will significantly weaken our ability to compete effectively vis-à-vis many other countries for a larger share of the US market,' CITI chairman Rakesh Mehra said. 'It is our fervent appeal to the government to urgently take steps to come to the aid of India's textile and apparel sector during these hugely testing times given the government's strong commitment to increase the competitiveness of local industry and help our companies become major players on the world stage,' Mehra added. India has set itself a target of achieving textile exports worth $100 billion by 2030. The new US rate for Bangladesh is 20 per cent. The latest US tariff rate for Indonesia and Cambodia are 19 per cent each. The tariff rate for Vietnam is 20 per cent. Currently, China is the biggest exporter of textiles and apparel items to the US, followed by Vietnam, India, and Bangladesh. Mehra said CITI also looks forward to the bilateral trade agreement (BTA) between India and the US becoming a reality soon. 'A well-rounded BTA with the US, which takes proper care of India's sovereign interests and is also fair and balanced, could be a win- win proposition for both nations,' Mehra pointed out. Fibre2Fashion News Desk (HU)
New Indian Express
03-08-2025
- Business
- New Indian Express
Over 2 million jobs at risk in apparel manufacturing sector due to Trump tariff
The Indian apparel and textile industry is facing a potential crisis with the latest tariff rates announced by the U.S. government, which industry leaders warn could lead to over 2 million job losses and a significant downturn for the sector. The new US tariff rate for India has been set at 25%, placing it at a significant disadvantage against major competitors like Bangladesh and Vietnam, which have been placed in lower tariff brackets of 20%. Indonesia and Cambodia have an even lower rate of 19%. The Indian apparel industry was comfortably placed with the originally announced reciprocal tariff structure as it enjoyed tariff advantage vis-à-vis major competitor countries. The liberation day tariff announced originally by the Trump administration against India was 26% whereas it was 37% against Bangladesh, 46% against Vietnam, 44% against Sri Lanka and 145% against China. The US is the top destination for garment exports from India occupying 33-34% of share, having exports worth $5.333 billion in 2024-25. India commands 6.1% share in their global import of apparel worth US$85.8 billion The Confederation of Indian Textile Industry (CITI) expressed serious concern, stating that the new tariff structure compounds an already challenging situation. CITI Chairman Rakesh Mehra said, 'The latest U.S. tariff announcement, following which the tariff rates have been substantially reduced for many countries, including Bangladesh, against whom we compete for a larger share of the U.S. market, will compound the difficulties for India's textile and apparel exporters as we will be handicapped by a severe duty disadvantage.' The industry's concerns are echoed by the Apparel Export Promotion Council (AEPC). Mithileshwar Thakur, AEPC's secretary general, noted that the new tariffs "changes everything."
Time of India
02-08-2025
- Business
- Time of India
US tariffs to hurt textile, apparel exporters; govt should come to rescue: CITI
The 25 per cent tariff announced by the US will hurt the textile and apparel exports from India and the government should come to the aid of exporters, said the Confederation of Indian Textile Industry (CITI) on Friday. US President Donald Trump has announced imposition of 25 per cent tariff on Indian exports which will come into effect from August 7. The CITI suggested that the government should facilitate the availability of raw material for the sector at internationally competitive rates to enable the domestic exporters compete with international peers. The decision of the US to substantially reduce tariffs for competing countries like Bangladesh will compound the difficulties for India's textile and apparel exporters, CITI Chairman Rakesh Mehra said. The new US tariff for Bangladesh is 20 per cent, Indonesia and Cambodia 19 per cent each and Vietnam 20 per cent. Currently, China is the biggest exporter of textiles and apparel items to the US, followed by Vietnam, India, and Bangladesh. The US is India's largest market for textile and apparel exports. During January-May 2025, US imports of textile and apparel from India were valued at USD 4.59 billion, a rise of more than 13 per cent compared to the same period last year when the figure stood at USD 4.05 billion. India has set a target of achieving textile exports worth USD 100 billion by 2030. Mehra said CITI looks forward to the proposed bilateral trade agreement (BTA) between India and the US being in place soon. "We totally agree with the government that India should always protect its national interests while signing any trade deal to ensure that it is fair, balanced, and equitable for all the parties involved in the agreement," he added.
Economic Times
01-08-2025
- Business
- Economic Times
US tariffs to hurt textile, apparel exporters; govt should come to rescue: CITI
The 25 per cent tariff announced by the US will hurt the textile and apparel exports from India and the government should come to the aid of exporters, said the Confederation of Indian Textile Industry (CITI) on Friday. US President Donald Trump has announced imposition of 25 per cent tariff on Indian exports which will come into effect from August 7. The CITI suggested that the government should facilitate the availability of raw material for the sector at internationally competitive rates to enable the domestic exporters compete with international peers. The decision of the US to substantially reduce tariffs for competing countries like Bangladesh will compound the difficulties for India's textile and apparel exporters, CITI Chairman Rakesh Mehra said. The new US tariff for Bangladesh is 20 per cent, Indonesia and Cambodia 19 per cent each and Vietnam 20 per cent. Currently, China is the biggest exporter of textiles and apparel items to the US, followed by Vietnam, India, and Bangladesh. The US is India's largest market for textile and apparel exports. During January-May 2025, US imports of textile and apparel from India were valued at USD 4.59 billion, a rise of more than 13 per cent compared to the same period last year when the figure stood at USD 4.05 billion. India has set a target of achieving textile exports worth USD 100 billion by 2030. Mehra said CITI looks forward to the proposed bilateral trade agreement (BTA) between India and the US being in place soon. "We totally agree with the government that India should always protect its national interests while signing any trade deal to ensure that it is fair, balanced, and equitable for all the parties involved in the agreement," he added.
Time of India
01-08-2025
- Business
- Time of India
US tariffs to hurt textile, apparel exporters; govt should come to rescue: CITI
The 25 per cent tariff announced by the US will hurt the textile and apparel exports from India and the government should come to the aid of exporters, said the Confederation of Indian Textile Industry (CITI) on Friday. US President Donald Trump has announced imposition of 25 per cent tariff on Indian exports which will come into effect from August 7. Explore courses from Top Institutes in Please select course: Select a Course Category CXO MCA Artificial Intelligence Public Policy Management Finance Design Thinking Healthcare Operations Management Cybersecurity Leadership Product Management Data Science Project Management PGDM healthcare Others others Technology Data Science Digital Marketing MBA Skills you'll gain: Operations Strategy for Business Excellence Organizational Transformation Corporate Communication & Crisis Management Capstone Project Presentation Duration: 11 Months IIM Lucknow Chief Operations Officer Programme Starts on Jun 30, 2024 Get Details Skills you'll gain: Customer-Centricity & Brand Strategy Product Marketing, Distribution, & Analytics Digital Strategies & Innovation Skills Leadership Insights & AI Integration Expertise Duration: 10 Months IIM Kozhikode IIMK Chief Marketing and Growth Officer Starts on Apr 7, 2024 Get Details Skills you'll gain: Digital Strategy Development Expertise Emerging Technologies & Digital Trends Data-driven Decision Making Leadership in the Digital Age Duration: 40 Weeks Indian School of Business ISB Chief Digital Officer Starts on Jun 30, 2024 Get Details The CITI suggested that the government should facilitate the availability of raw material for the sector at internationally competitive rates to enable the domestic exporters compete with international peers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Struggling With Belly Fat? Try This at Home Home Fitness Hack Shop Now Undo The decision of the US to substantially reduce tariffs for competing countries like Bangladesh will compound the difficulties for India's textile and apparel exporters, CITI Chairman Rakesh Mehra said. The new US tariff for Bangladesh is 20 per cent, Indonesia and Cambodia 19 per cent each and Vietnam 20 per cent. Currently, China is the biggest exporter of textiles and apparel items to the US, followed by Vietnam, India, and Bangladesh. Live Events The US is India's largest market for textile and apparel exports. During January-May 2025, US imports of textile and apparel from India were valued at USD 4.59 billion, a rise of more than 13 per cent compared to the same period last year when the figure stood at USD 4.05 billion. India has set a target of achieving textile exports worth USD 100 billion by 2030. Mehra said CITI looks forward to the proposed bilateral trade agreement (BTA) between India and the US being in place soon. "We totally agree with the government that India should always protect its national interests while signing any trade deal to ensure that it is fair, balanced, and equitable for all the parties involved in the agreement," he added.
