Untapped Potential
In the last few years, what one hears often during the textile industry´s seminars and other events is talks on missed opportunities and untapped potential.
In the last few years, what one hears often during the textile industry´s seminars and other events is talks on missed opportunities and untapped potential. This makes one wonder whether we, as a textile nation, would get the double-digit share in textile trade at all! India´s overall share in global textile and apparel trade is till hovering around 5 per cent. According to a recent study by a leading consultant, out of the total of 864 textile and apparel commodities traded in 2012, there are 317 commodities in which India had a share of less than 1 per cent! Collective trade in these commodities is US$ 208 billion, but India´s trade in them is worth only US$ 385 million, i.e., just 0.19 per cent! A shocking revelation indeed! Where are the pointers of growth drivers showing as the potential? Increasing women participation in workforce is one factor. In four years, Zara, catering to the modern women, has achieved a growth of 43 per cent to reach a turnover of Rs 430 crore. Activewear is emerging as the next category with greater potential. Lifestyle brands including Tommy Hilfiger and Levis are chasing new dreams of growth. Technical textile is the next big thing to happen! Mobiltech is highly promising since the passenger vehicle production is expected to rise from 3.2 million 2013 to 9.7 million by 2020. Protech market, which is expanding rapidly, is estimated at Rs 1340 crore in 2013-14. Awareness of health is giving a boost to wipes and nonwovens and enrolment in schools has risen by 14 per cent in 2014 revealing a bigger-than-expected potential for uniforms. Statistics show vast opportunities are lying closer to the home turf for the textile industry. As the saying goes, nothing is more expensive than a missed opportunity!
