India should try to better showcase its apparel and fashion industry in the global market, CII Eastern Region Chairman (Education & Skill Development Sub-Committee) Aloke Mookherjea has said.
The textile and apparel industry is the second highest foreign exchange generating industry in the country, and is also the second biggest employment generator. Hence, it is important to showcase the industry before the global market, Mr. Mookherjea said while addressing a seminar jointly organized by CII and National Institute of Fashion Technology (NIFT).
Speaking at the seminar on 'Fashion in Global Economy: Emerging Challenges and New Directions' Indian Institute of Fashion Technology’s (IIFT) Professor KR Rangarajan said though there are huge growth opportunities, India needs to move ahead carefully by focusing on existing clusters and creation of cluster levels, rapid infrastructure growth and network creation.
According to CII, India's textile industry is one of the biggest in the world and it accounts for around 27 percent of the country’s total foreign exchange earnings.
However, in view of the decelerating growth in the developed economies, the vivacity of the global fashion markets is expected to witness a dramatic change. Moreover, in recent times the global apparel market paradigm has also seen to be shifting to enhanced product differentiation and serving a diverse, informed and challenging consumer base, CII said.
Jaya Shree Textiles' AK Sinha said textile and apparel industry has great growth prospects in present times when beauty contests, smart technologies and expanding middle class rule the changes in the fashion technology. The industry should hence try to optimize its potential, he added.