Garment Industry Analysis

Garment Industry Analysis

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Indian Textiles Ministry to hold roadshows to promote textile export

Indian Textiles Ministry is planning to soon hold roadshows to promulgate its textile export, which has lately plummeted in new markets presently catered by China, as per reports.

It has also been reported that the plan to do roadshows has come in the wake of a 3.3 per cent decline in exports of textile in 2015-2016 fiscal to US $ 40 billion from US $ 41.4 billion for the same period last year. The decline, if reports are to go by, is due to the fact that India is losing its competitive edge to Bangladesh and Vietnam. Indian textile sector is one of the largest contributors to the country’s exports, with a share of almost 11 per cent. The US, European Union and parts of Asia are the main markets for Indian textile and apparel.

Industry experts are of the opinion that it is a good idea to promote Indian textile industry in foreign markets as it will certainly boost textile exports from the country. Earlier, various export councils like AEPC promoted Indian products in international markets, while roadshows were held by the Indian Government. Also it may be noted that the roadshows may not translate into immediate exports, but will create a market for Indian products in international markets that are presently been served by China and other competitors.

Furthermore, it was reported that the Textiles Ministry, which is mulling to double India’s textile export in 10 years’ time, has plans to enter into bilateral agreements with Africa and Australia to increase trade.

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