The total global exports in the world trade is worth US$ 772 billion. India contributes 5.2% to the global textile trade.
India has surpassed countries such as Bangladesh, Italy and Germany coming second only to China in textile exports. While the global textile industry’s growth is about 4.7%, India has registered 23% growth rate which is significantly higher than China’s growth rate of 11.4 percent.
India’s textile growth has been predominantly due to the growth in its apparel and clothing sectors which collectively has 43% share in India’s textile industry. According to a statement from India’s Press Information Bureau, Mr. Virender Uppal, Chairman of Apparel Export Promotion Council stated, “the government policy of diversification of market and product base has helped us and we ventured into the newer markets, which paid huge dividends.”
Increase in labor costs, noncompliance and safety issues in Bangladesh, recent increase in risks taking aptitude by Indian entrepreneurs and government supportive schemes are enabling India to be a reliable sourcing destination. However, competitive pricing, meeting delivery schedules, better quality and government schemes are necessary towards further enhancing India’s export share, stated Mr. Uppal.