VIJAYAWADA: After being bogged down with economic slowdown for nearly two years, exporters are finally seeing signs of revival. At the inaugural of the AP Trade and Exports Carnival being organised in Vijayawada, the exporters said they are looking for improvement and the State is playing a key role in it. Cotton Textiles Export Promotion Council director Ravindranathan Narayanaswamy opined that Andhra Pradesh has a great potential to becoming one of the leading exporters of cotton yarn and textile products as the number of spinning mills are increasing.
“During the initial phase of Covid pandemic, there was a slowdown but now the exports are picking up,” he said. According to him, the State is most likely to get Rs 10,000 crore worth investments in high-end spinning mills and textile industries in the next 2-3 years. “Cotton cultivation is less in the State. Hence, its export is not advisable. However, with more spinning mills in the State, cotton yarn of high quality is definitely a safe bet for exports,” he said and added the demand for Indian cotton is double than that of production.
“After a pandemic induced slowdown, now the exports have picked up. The accumulated inventory for exports is more than the available ships and freight charges have increased 2-3 times more compared to pre-Covid days,” he said.