Indian textile making impressive foray into new market
Dated- 12 Jun , 2006 - India
The Indian textile exports to the US and EU markets have not increased during 2004-06 against the average of 25% growth but also have made impressive forays into the markets in Spain, the Netherlands, Italy and Australia. Indian exporters have been able to corner a large share of niche orders, coming in mainly from the fashion industry. However, the resurgent Indian textiles industry which is the largest employment provider after agriculture is hopeful of nothing up an export revenue of US440-billion by 2010.
India has a clear-cut edge in the area of ethnic garments and high quality fashion textile products over China which continues to dominate the global textile market with undimmed vigor. Apart from this the Indian textiles export venture is the modest successes of the trendy garments, designed by the Indian fashion creators for the high end West European market.
India is also well-equipped to provide fashion driven products on a small scale. Further, the Indian handloom products known for its striking and rich designs and excellent finish are slowly finding favor with a section of high end buyers in West Europe and North America which China finds it difficult to meet the smaller, custom made requirement. But India's share in the global textiles market is around 4% against 17% share held by China.
According to the Union Textiles Secretary, despite infrastructural hitches, the Indian textiles sector has been witnessing growth and has the resources to outsmart China in the global textiles market. The Indian Government is concerned and wants improvements in infrastructure. However, competing claims for resources from various sectors are delaying the creation of facilities in the textile sector.
India has the advantage with respect to the availability of fibres such as cotton, silk, man made fibres to overcome China and India is catching up fast in the area of fashion and design fields. Moreover India is also the largest exporter and largest producer of cotton yarn and the spinning facility in India is the world's largest with quality and cost effective production infrastructure.
The Indian textiles industry has strong raw material supply bases supported by a skilled labour force. Its multi-fibre-based using cotton, jute, wool, silk and synthetic fibres, accounts for 4% of the GDP and 22% of the foreign exchange. Indian textiles industry occupies a significant position in the Indian economy and accounts for 14% of the total industrial production in the country.
The Indian apparel sector boasts of more than 27,000 manufacturers, 48,000 fabricators and around 1000 manufacturers cum exporters. With a view to boost their export order, many big textile companies in India are making heavy investment in technology upgradation and augmentation of production facilities.
Major textile industries like Raymonds, SK Kumars, Arvind Mills and Welspun India are betting big on the long term profits to be made in the quota free global textile market.
Further both the Government of India and major textile companies have taken cognizance of the problems and shortcomings facing the Indian industry and are working hard to overcome pitfalls and provide a major momentum to textiles exports.
Meanwhile, the Government of India has given its green signal for the setting up for four textile parks in the country. These parks are Gujarat Eco Textile Park, Surat, Metro Hitech Cooperative Textile Park, Kolhapur, SIMA Textile Processing Centre, Cuddalore and Jaipur Texweaving Park, Silora, Kishangarh, Rajasthan which are expected to contribute in a big way to the boosting of exports from India.
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