Last Updated on May 8, 2023 by
Indian textile industry growth prospects – MBA Marketing
Analysts expect the Indian apparel sector to continue its rapid expansion. Growth potential of Indian garments or Textile industry has grown along the value chain, creating millions of jobs, especially for women. India’s textile and clothing business, which is worth about 140 billion dollars, is the second largest in the world.
The field is a big part of the country’s gross domestic product (GDP) and export earnings. The textile and garment industry is more likely to grow if the government works to improve facilities and make it easier for businesses to run.
The success of the Indian clothing industry depends on its ability to serve both low-end and high-end markets. The focus on creation and design in the industry makes it high-quality and flexible, which attracts companies from all over the world. The reputation and market share of the business have also grown thanks to sustainable practices.
Sustainability also boosts the Indian apparel industry. Businesses are using organic and recycled materials, energy-efficient manufacturing processes, and waste minimization. This has helped the industry create a reputation for ethical and responsible business practices, improving its growth potential.
Keywords: Indian garment industry economic growth, employment, value chain, exports, innovation, and sustainability.
Assessing the marketing potential:
India has long been a global textile and garment player. India, behind China, is the world’s second-largest textile exporter. A large home market, abundant raw resources, a competent workforce, and favourable government laws give the Indian garment sector huge growth potential.
India’s apparel sector is boosted by its huge domestic market. Nations 1.3 billion inhabitants demand a lot of clothing and other textiles. India’s garment makers and retailers have benefited from the rising middle class’s need for stylish, high-quality apparel.
India’s enormous raw material supply is also helping the clothing sector flourish. Silk, wool, jute, and other natural fibres are produced alongside cotton, the country’s main crop. It’s the biggest cotton producer. Indian garment producers can produce high-quality textiles at reduced prices due to their access to raw resources.
India’s garment sector benefits from skilled workforce. India’s textile and garment sector has many skilled people. Designers, tailors, and other specialists labor here. This has helped India build a strong fashion sector and a reputation for high-quality fabrics and apparel.
OBJECTIVES:
- The Textiles Committee ensures the quality of domestic and international textiles and textile gear. It contains: Testing (including Eco-parameters) and technical assistance to improve textile product quality.
- To produce, import, export, buy, sell, and/or otherwise deal in any and all textiles, yarn, fabric, fibres, garment coverings, hosiery, silk, production items, articles, and any other products, fashion & lifestyle products, and accessories.
LITERATURE REVIEW:
India has taken various textile and apparel industry-boosting steps. “Make in India” has boosted foreign investment. TUFS and other government measures help textile and clothing manufacturers upgrade.
Sustainable and eco-friendly clothing has boosted the Indian garment industry. Indian textile makers are producing eco-friendly garments to meet demand. These include organic cotton and recycled materials.
India’s clothing business grew because of e-commerce. As internet and smartphone use grows quickly, more and more people buy clothes online. Small and medium-sized clothing companies can compete with larger ones by using e-commerce sites. Benefits go to small and medium-sized clothing makers.
Even though the Indian clothes industry is growing, it faces a number of problems. Indian clothes look good. This potential is fuelled by the supply of cotton, the size of the local market, government programs, and the growing demand for clothes that are good for the environment. To do well, the business must deal with a fragmented market and competition from other countries.
CONCLUSION :
The Indian clothing industry is a major economic contributor, with a projected market size of $100 billion by 2021. Garments are one of India’s top 10 exports and one of the country’s greatest employment. It’s one of India’s biggest employers and a key exporter.
Garment manufacturing India’s enormous and diverse population, rising per capita income, and ever-changing fashion trends offer great growth possibilities for Indian clothing. India produces clothing at lower prices than other countries due to its large pool of qualified labour.
The Indian government has also done a number of things to help the clothing business grow. It started “Make in India” to make India a centre for making things around the world. Changes to the government’s FDI policy have also brought foreign stores to India.
Technology has also helped India’s apparel industry grow. Businesses across industries are adopting automation, robots, and AI to increase productivity and cut production costs. Indian clothing buisiness may now compete successfully with foreign competitors.
The COVID-19 disease has also changed how people act, with more people shopping online. In response, the Indian clothing industry has started e-commerce sites or teamed up with other online marketplaces.
Challenges:
Despite the market’s potential, the Indian clothing sector faces many challenges. Logistics infrastructure is a major issue. Infrastructure underinvestment raises transportation costs and delays, hurting the industry’s competitiveness.
The industry also struggles with rising raw material prices, which hurts profitability. China, Bangladesh, and Vietnam, with cheaper production costs, also compete with the industry.
In conclusion, the Indian clothing business sector has huge development potential, and its adoption of innovative technologies bodes well for its future. Indian government actions. To reach its full potential, the industry needs to get past the high costs of raw materials, infrastructure, and shipping.
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