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Study paints better future for Indian textile sector
30
Apr '15
After a bad year in 2014, India’s textile sector may just be turning the corner. According to textile sector outlook of Dun and Bradstreet, one of the world’s leading firms for commercial information and business insight, the manufacturing infrastructure in the textile sector is set to benefit from the Government’s ‘Make in India’ campaign which is expected to bolster domestic as well as export growth in the sector.

The report predicts domestic demand to pick up this year as economic growth sentiment improves.

Increasing labour cost in China is likely to slow down Chinese textile exports and thus create an opportunity for Indian mills to increase their market share. Export promotion measures would help the sector achieve its stated goal of $300 billion of exports by 2024-25.

Dun and Bradstreet said exports to Latin American and Asian countries would increase, so as to offset the slowdown in the euro. To lower dependency on the US and European markets, the Indian government is taking measures to encourage textile exporters to explore alternate markets in Latin America and Asia, the report said.

The report noted the signs of revival in investments in the textile sector. Capital investments in the textile sector is witnessing a revival with projects worth hundreds of crores of rupees being announced in the past six months. Several of these projects are scheduled to come online over the next couple of years, adding capacity in the sector when consumer demand is expected to fully revive from the current slump.

The report also aid Indian textile exports face tough competition from exports from Pakistan, Bangladesh, Vietnam and Cambodia. Favourable tariff measures enjoyed by these countries in European markets have directly impacted textile exports from India. While Indian textile exporters have to pay high duty to export to European markets, textile exports from Pakistan, Bangladesh and Cambodia are duty free.

In addition to increasing competition in European markets, Indian mills - especially cotton yarn manufacturers - also face the prospect of lower yarn demand from China, one of the largest markets. (SH)

Fibre2fashion News Desk - India

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