The Indian textile and apparel industry was estimated to be worth Rs 6,25,930 crore in 2015 and is projected to grow at a CAGR of 9 per cent to reach Rs 9,35,123 crore, by 2020. Of the total market size domestic consumption accounts for approximately 60 per cent and exports accounts for the rest approximately 40 per cent. The domestic market is expected to show higher CAGR of 10 per cent in comparison to exports, which is expected to grow at CAGR of 6 per cent over next five years.
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India has great textile tradition dating back to centuries with stories of the famous ‘Dacca muslin’ getting around the world in older times. India’s textile sector is one of the oldest also dating back to centuries. Today also the textile sector is one of the largest contributors to India’s exports. After the agriculture sector it is the second largest employer giving employment to nearly 45 million people. It contributes to nearly 14 per cent of the industrial production and 4 per cent share of the GDP of the country. These figures are enough to highlight the importance of this sector to the nation.
The Indian textile and clothing industry is very old and plays a very important part in the Indian economy. Except China, no other nation can match the size, spread, depth and competitiveness of the Indian textile and clothing industry. Liberalisation also has given the much-needed push to the textile industry, which has now successfully become one of the largest in the world. It has a complete value chain from the production of raw materials to the manufacture of finished goods.
Competition, rising wage & power costs, and the low profile status of SSI are stifling the potentials of major textile centres in the northern India, find Manish Mittal and Dr Rajeev Johari, in a selective survey of three such centres of Amritsar, Ludhiana and Panipat. Indian textile industry contributes about 11 per cent to industrial production, 14 per cent to the manufacturing sector, 4 per cent to the GDP and 12 per cent to the country’s total export earnings.
The top 10 markets in the world for textile and apparel constitute for 48 per cent of India’s total textile and apparel exports. The current global apparel market is worth $1.7 trillion and it constitutes around 2 per cent of the world’s GDP. The European Union, USA and China are the world’s largest apparel markets with a combined share of approximately 54 per cent.
The Cotton Council International is organising an invitation-only seminar on September 29 at Trident, Mumbai, which will offer useful insights on the present scenario of cotton and cotton textile industry in India.
Garment exports from Vietnam has been falling in the recent past. For example, Thanh Cong Garment, one of a few Vietnamese garment companies that owns a yarn – fabric – garment production line that has a strong demand from South Korea and the US, has seen a contracts decrease considerably from foreign partners in the first six months of the year.