Traditionally, India’s textile industry is the second major industry, preceded by the agriculture sector. However, the world has been changing drastically, and so as Indian economy and its contributing sectors. For the past two decades PERFORMANCE FABRIC, the face of Indian economy has changed from the agriculture based to knowledge and information based. Fabric manufacturers in India have taken this opportunity to blend it with technical and semi skilled workforce. At present, India is the second largest manufacturers of garments in the world, and market pundits forecast that it will soon overtake China, the global leader in the industry.
As per Fabric Manufacturers, Indian market for garments and apparel has a huge growth potential. Indian Government’s records also substantiate the scope of the sector in the near future. According to Ministry of Textiles, the sector contributes 4% to India’s Gross Domestic Product, 14 % to Industrial production and market capitalization at 20% per annum. Manufacturers and Exporters in Indian garment industry allege to contribute to the country’s export earnings by 17% per annum. Market experts reveal that the garment trade is growing at a rate of 30% per annum in the country and India enjoys 7% share in the global market, which, explicitly, entails the huge growth scope reside with the sector. There are large scale manufacturers and exporters in the country, however, a majority of the section runs small and medium scale enterprises.
Fabric manufacturers in India are spread from Punjab(North) to Maharashtra in West and in the southern part of the country: Tamil Nadu, Andhra Pradesh and Karnataka. Surat and Mumbai are the hubs of textile manufacturers and exporters in the country due to the availability of sea ports for trading purposes and heavy cotton production in the region.
Domestic and International Market Demand:
Indian textile industry is known for its high quality garments for men and women across the globe. The demand for apparel, manufactured in India is increasing exponentially in the world market, because Indian textile houses produce quality garments at relatively cheaper cost than the other developed countries. The major contribution to the affordable price of Indian apparel is the availability of manpower at cheap price.
In addition to the increased international market demand, Indian markets have also manifested a fierce demand of apparel in men, women and kids sections. Indian men have been increasingly opting for fashion statement over the past few years, which has significantly affected the domestic market of clothing.
All the above presented statistics propose high figures and talk about the bright future of the Indian textile industry along with its significance in world economy.