India’s textile & apparel exports in November Sees Slight Increase Will Government Able To Create Jobs Before Elections?
Based on data published by Directorate General of Commercial Intelligence and Statistics (DGCIS), after a brief period of decline in Textile & Apparel (T&A) exports including handicraft exports every month beginning May, June, July & October 2017, it can be observed that there is a turnaround in T&A exports, with a 20% increase in November, 2017 over October, 2017. The 20% overall increase in T&A exports is marked by an increase of 24% in Readymade Garments, 24% in Cotton, 9% in Man Made Textiles, 17% in Silk Products, 28% in Handloom products, 11% in Carpets and 10% in Jute Products.
After a brief period of decline in textile and apparel exports, including handicraft exports, every month beginning May, June, July and October 2017, there is a turnaround in India’s textile and apparel exports, in November 2017. There has been a spurt in export of handloom products, readymade garments, cotton, silk and jute products, and carpets.
To soften the impact of demonetisation and GST, Arun Jaitley is likely to introduce new employment and skilling scheme. Though clear-cut policies that would have an immediate impact on job creation are unlikely, jobs are likely to be a top priority after the disruptions caused by demonetisation and GST rollout. The government is working on a National Employment Policy (NEP) and a universal social security scheme, which may be announced in the Budget, along with higher allocation for the MUDRA scheme for financing entrepreneurship. Additionally, a renewed focus on skill development and vocational training may also be seen in the Budget. The NEP is expected to have a sector-wise focus, especially on labour-intensive sectors such as textiles and handloom, and other small and medium enterprises. It will likely provide them with incentives for formal employment. Similarly, the Labour Code on Social Security, which is still under discussion, could also feature in the Budget. It aims to provide social security coverage to all workers, especially those in the informal sector.
While the Centre has launched policies such as Make in India and Skill India, labour markets have been mostly subdued, with private investment remaining muted due to both global and domestic economic factors. The Annual Employment-unemployment Survey, conducted by the Labour Bureau, pegged the unemployment rate at 5 per cent in 2015-16 from 4.9 per cent in 2013-14 and 4.7 per cent in 2012-13.