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India is also the second-largest exporter of textiles and apparel with a share of 5% of global trade. Exports of textile and clothing products, including handicrafts, from India have slightly increased to US$ 40.4 billion during the year 2018–19 from US$ 39.2 billion during 2017–18, registering a growth of 3%.
The Indian domestic textile and apparel industry contributes 2.3% to India’s GDP and constitutes 13% of the country’s export earnings. Exports in the Textiles & Garments industry are expected to reach US$ 300 billion by 2024.
Hence, it is no surprise that the last decade has seen an influx of clothing and textile brands in the Indian market. With its domestic consumption of US$ 97 billion and exports worth US$ 40 billion, India has emerged as the third-largest consumer market and the fifth-largest textile exporter in the world.
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Textile sector is the second largest employer after agriculture and it contributes 5% to India’s GDP, 7% of industrial output in value terms, 12% of the country’s export earnings.
China plus Strategy is playing out in the Textile Industry – China’s share in global T&A trade in 2019 was 34%. The share has come down from 39% in 2015.
The US banned entry of all products containing cotton from Xinjiang. This is bound to trigger a material shift in global apparel trade as China is the leading apparel exporter, accounting for more than 35 percent of the global trade and more than 80% of China’s cotton originates from the Xinjiang region. India surely stands to gain as it has a strong presence in the cotton value chain.
Region-wise diversification and players wise Consolidation – Decentralization as a theme is playing out in the industry after the crisis. Buyers are not keeping it set to one place region-wise. No one country in the company’s sourcing list will occupy a larger share.
Buyers want strategic vendors so they are consolidating their vendor base. For instance, H&M sources from 71 suppliers in India. Any consolidation in the vendor list of H&M means the elimination of small and tail-end suppliers. This will lead to gain in share by the larger companies, thus boosting their earnings.
Workplace safety is a big concern in Bangladesh – Many big brands are not comfortable in sourcing from Bangladesh due to poor working conditions.
The same also highlighted by many Indian garment players.
With abundance of raw material and presence across the entire value chain, India is in an advantageous position in home textile, kid garments, etc.
The Indian Textile Industry is expected to grow at a CAGR of 10% in the next 5 years. On the other hand, the growth rate of global textile is low.
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