India is a very
progressive country regarding the development of the clothing and textile
industry. Though this country relapsed for couple of decades but it is expected
to grow as the largest manufacturers in the world. There is a prediction, that
if India progresses this way, it will be beating China and Bangladesh soon.
India also has some largest fabric manufactures and fabric suppliers in the world who are
helping rebuilding the image of the entire industry. According to recent report
by CITI, Indian Industry will reach $350 billion by 2015.
What The Report
Says About Indian Textile and Clothing Industry?
In recent years, Indian
government has taken some initiatives to reform many industrial sectors
including textile and clothing industry. And they see much better progress
possibility than another industry. As stated by CITI, “Indian economy enters
into a very important phase with the new NDA Government taking charge after the
2019 elections”. He also stated that the last 5-year period has been a period
of consolidation, policy disruptions and shaping up of a new India. Many structural
reforms took place in Indian economy and also specifically in the Textile & Clothing (T&C) Industry.
Mr. Jain the chairman said that textile and clothing
Industry has gone through a phase of consolidation where exports stagnated,
aggressive State policies directed investments and domestic demand was
disturbed due to demonetization, banking restructuring and implementation of
Goods and Services Tax (GST).
Present Day
Textile and Clothing Industry
India was the world’s second largest exporter of Textile
and Clothing during 2014-17 after China, has fallen to 5th place in 2018 as
Germany, Bangladesh and Vietnam has stepped in. India’s T&C exports have
declined from US$ 38.60 billion in 2014 to US$ 37.12 billion in 2018 while
their imports have increased from US$ 5.85 billion to US$ 7.31 during the same
period.
How
Optimistic Is the Indian Textile and Clothing Industry?
However, the textile industry and Indian economy both
are in a very optimistic mood and looking for a start of the golden era where
it will realize its true potential and lead to inclusive growth of the country
with considerable employment opportunities, especially for the rural women
workforce along with technically qualified skilled manpower.
Mr. Jain stated that Confederation of India Textile
Industry (CITI), which is the only apex industry chamber covering the entire
spectrum of the T&C Industry for both domestic and export markets, has
recently completed 60 years of its services to the industry and nation has come
out with a White Paper on T&C Industry, entailing both general and sector
specific suggestions to realize its true potential.
To concluded, the
Government needs to provide the much needed policy support to the T&C
Industry to not only achieve the revolutionary initiative of ‘Made In India’ of
the Prime Minister Narendra Modi but also to make Indian Textile & Clothing
Sector a US$ 350 billion Industry by 2024-25. And it will definitely help in
bringing out inclusive growth in the economy, create employment opportunities
for millions of people at the grass root levels, especially women and help them
skilled to reap the benefits of Textile Industry.
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