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Indian garment manufacturers need to speed up to grab global business

"As India aims for 20 per cent yearly growth in exports over the next decade, Indian manufacturers need to develop a business strategy that can help the country to succeed in the US and European markets. In 2025, global trade in the textile and apparel market will cross $1.2 trillion. China has nearly 40 per cent share in global exports. However, in the past few years, the country is experiencing a downward trend in apparel exports and has vacated nearly $30 billion worth of space in global trade. Growth in global trade and China’s shrinking exports share present a lucrative opportunity for other countries with competitive manufacturing facilities. India can become one of the biggest gainers in the changing landscape of global apparel trade. Drip Capital offers insights into some of the intriguing aspects that can make India a global textile destination."

 

Indian garment manufacturers need to speed up to grab global business 2As India aims for 20 per cent yearly growth in exports over the next decade, Indian manufacturers need to develop a business strategy that can help the country to succeed in the US and European markets. In 2025, global trade in the textile and apparel market will cross $1.2 trillion. China has nearly 40 per cent share in global exports. However, in the past few years, the country is experiencing a downward trend in apparel exports and has vacated nearly $30 billion worth of space in global trade. Growth in global trade and China’s shrinking exports share present a lucrative opportunity for other countries with competitive manufacturing facilities. India can become one of the biggest gainers in the changing landscape of global apparel trade. Drip Capital offers insights into some of the intriguing aspects that can make India a global textile destination.

The prerequisites

Today, fair trade has become a prerequisite to sustain globally. Fair trade advocates expect that everyone in theIndian garment manufacturers need to speed up to grab global business 1 value should earn enough to fulfill basic household needs, regardless of volatile market prices. Environment sustainability is also a big concern and consumers in the West want products that are made judiciously. Indian manufacturers can stand out by positioning themselves as practitioners of Fairtrade. Environmental stewardship and labour-friendly working conditions can become India’s USP.

If India is to achieve close to 20 per cent yearly growth in apparel exports, manufacturers have to invest in skills training and process improvement to match global competitiveness. In recent times, there has been increased focus on skill development but these initiatives need to scale up. If the Indian garment industry remains at same productivity levels, they would need 35 million more workers to fulfill the new demand, which is nearly impossible. The objective should be to match the productivity levels of China in a few years, average output per hour and per machine output both in terms of quality and quantity. Indian policies make it difficult to import the fabric needed to produce winter or some specific garments. Locally, the textile industry is focused on cotton which leaves the exporters with no material to produce such products. This policy to protect the demand for local cotton producers is perhaps doing more than good.

 

 
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