Apparel Exports from India in 2015 is set to attain $18 Billion.
Indian apparel exports is set to touch $18 billion in the year 2015 and expected to touch $20 billion in the year 2016. Apparel Exporters in India rejoiced a exports value of $16.5 billion in 2014. All these predictions are assumed on the two reasons.
One is that exporters in tirupur, surat and all other major garment exporters across India will increase the presence and foot print of indian textile products in global apparel trading competing the all the other leading competing apparel exporters like China, Bangladesh, Italy, Germany and Vietnam. Second is that benefits that could partly come via depreciating rupee but this Rupee depreciation cannot be assumed as an impacting factor. Against the depreciating rupee over the last three years, Indian Apparel didn’t see much change in the market share.
Indian Government and dept of commerce has to take up necessary steps to put Indian apparel industry on track with necessary structure challenge for the apparel industry to combat the world’s six apparel competing countries said earlier. Export companies in China, Bangladesh, Vietnam is increasing its share and foot print in the global apparel trade by utilising WTO’s Agreement on Textile and clothing. Where has india had only the growth rate of 3-4% over the past 10 years.
It is being observed across exporters in tirupur and exporters in surat & other export companies in tirupur and India that Low modernisation of industrial equipment led to increase in higher cost of production. Relying up on import machineries and less share on non cotton apparel exports also impact to increase the global foot print. Without addressing this issues, Indian apparel and textile industry can only meet the limited numbers and becomes constraint to compete with other leading export companies across the globe.
Where as in domestic trade in the Indian Apparel industry is growing at the steady phase of 10 Percent due to good consumption of the products and increasing economy growth and income levels of the population via software and other employment services.
Even though Indian government has addressed few issues with TUFS Scheme known as Technology Upgradation Fund Scheme to upgrade the modern machineries but led to slower witness by weaving companies. Government’s policy of reserving the small scale industries in the weaving and apparel sector to limited investment is also one of the root cause of slower growth. But the same revision of the scheme in October 2013 said to improved it.
Finally with all the constraints, Exports and suppliers in tirupur and surat continue to grow at a steady phase. For more information, Connect with us Tirupur Export Company.