The World Trade Organisation (WTO), "No other category of manufactured goods support net exporting position as the textile sector”
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9th Aug 2021, Mumbai:
The World Trade Organisation (WTO) as per recent observation, "No other category of manufactured goods support net exporting position as the textile sector in the context of developing nations”
Indian domestic textile and apparel market has been estimated at US$ 75 billion in the financial year 2020-21. The market fell 30 percent from US$ 106 billion in the financial year 2019-20. Putting the backdrop in quick context,"The domino effects of COVID-19 where world arguably for 1st time ever had supply & demand shocks. This blackswan even threw unprecedented challenges to global economy, no brainer that heat was on the Indian Textile sector too. This negative impact is not limited to Productivity loss but has quite significantly impacted On the livelihoods as there has been a massive job loss.
Thus far Textile sector has contributed significantly to national output, employment, and exports. Indian Textile industry contibutes about 14% to industrial production (IIP); 4% to the country’s gross domestic product (GDP); 17% to its export earnings; and takes primacy as a frontrunner in generating employment for over 35 million people. It is considered to be the second-largest employment generator after agriculture.
It is said every crisis has opportunity hidden in it. For once, India has a real chance to emerge as a global manufacturing hub by deepening integration with global supply chains; considering consumption world is looking for CHINA+1 policy seriously. Therefore, Turning this dream-vision into reality will need cohort/ active support and participation from the government and all the involved stakeholders alike.
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