According to the CII, India's textile exports may increase by $10 billion if the sector obtains 1% market share from China

01 Febuary 2022, Mumbai:

As Indian textile exporters lose market share to Bangladesh and Vietnam, the Confederation of Indian Industry believes India may gain 1% of China's market share and gain access to $10 billion in textile commerce.

According to a recent research by the CII and management consulting firm Kearney, since China's cost competitiveness in the world textile industry has diminished, there is a potential for Indian enterprises to acquire market share. 

According to the paper, India's textile sector should strive for $65 billion in exports over the next five years and overcome present barriers to growth, such as high import levies on textile machinery and raw materials.

Over the following five years, the government wants to accomplish a goal of $100 billion in textile exports.

From April to December 2021, India's overall textile exports climbed by 41% year on year, owing in part to less pandemic regulations, according to ET Bureau. Despite recent development, the CII claims that the country still has a long way to go before it can enhance its competitiveness.

According to the Economic Times, Kearney partner Neelesh Hundekari noted, "The largest potential or market is in exports." "At least a $16 billion growth potential exists in the garment industry, and China Plus One is the ideal feeling."

Every garment sourcing firm wishes to have an alternative to China. Another area where we expect to see a $4 billion increase is in textiles, where we plan to establish India as a regional fabric center.

CREDITS: Fashion Network

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