With a wide variety of fabrics and technically-skilled manpower, Indian textile and apparel industry has now become a part of the global supply chain, minister of state for commerce Jairam Ramesh said.
“Our fabrics and workers are going to Bangladesh, Sri Lanka and other countries. A lot of investment in Bangladesh is from India,” he said after meeting top exporters at 42nd India International Garment Fair (IIGF).
“Though Bangladesh has overtaken India in apparel exports, the country has definitely become a part of the global supply chain,” added Ramesh.
Further, Ramesh also emphasised that Indian exporters should not remain focused on traditional markets like the US and Europe, but rather explore new markets like Japan and non-traditional products like those made from organic cotton which command premium in international market. “We should quickly respond to new trends to beat competition from Vietnam, Bangladesh and Sri Lanka.”
Moreover, Ramesh said that the textile sector, which provides one-third of industrial employment in India, deserves a special economic package. “I don’t see any reason why the real estate sector should get two stimulus packages and the apparel industry has not got one.”
The minister also informed that the Planning Commission has called a meeting of garment exporters on February 5 to consider measurunes for stimulating exports.
India is the sixth largest exporter of readymade garments in the world. Apparel worth 9.7 billion dollars was exported from the country in 2007-08.
— IndiaRetailing Bureau