05-Jul-2023
India is a major global player in the textile industry. With a long and rich history of textile production, India has made significant strides in boosting its textile exports, and the industry is now one of the country's largest foreign exchange earners. To maximize its potential, it is crucial to focus on boosting textile exports. In this blog post, we will discuss effective strategies to enhance India's textile exports and strengthen its position in the international market.
Based on Indian textile news, the textile industry is one of the largest and most important sectors of the Indian economy. It accounts for about 20% of industrial production, 9% of excise collections, 18% of employment in the industrial sector, nearly 20% of the country's total export earnings, and 4% of the GDP. The industry is the second largest exporter in the nation, with approximately 35 million workers.
The Indian textile industry has a long and rich history dating back to ancient times. India is the world's largest producer of cotton and jute and is also a major producer of silk, wool, and man-made fibers. The industry is highly diversified, with a range of products that include yarn, fabric, garments, and home textiles.
The Indian textile industry is facing a number of challenges, including rising labor costs, competition from other countries, and environmental regulations. However, the industry is also well-positioned for growth thanks to its strong domestic market, skilled workforce, and access to raw materials.
India is a major exporter of textiles and apparel, and the industry is expected to grow in the coming years. The Indian textile and apparel market is expected to reach US$190 billion by 2025–2026, growing at a 10% CAGR.
India exported $44.4 billion worth of textiles and apparel (including handicrafts) in FY22, a 41% increase as per India’s textile exports data. The overall value of textile exports from April through October of FY23 was US$21.15 billion.
However, the US is the single largest market, and 27% of its total exports in FY22 were textiles and apparel, as per Export and Import Data. The demand for Indian textiles is robust both domestically and internationally; therefore, the industry's future looks promising. India is working to expand its technical textile industry through a number of important measures.
Based on textile export data, the market for technical textiles used in automotive textiles is expected to increase from $2.4 billion in 2020 to $3.7 billion in 2027. Similar to this, it is expected that the market for industrial textiles will increase from US$ 2 billion in 2020 to US$ 3.3 billion in 2027, expanding at an 8% CAGR. By 2029, it is anticipated that the Indian textiles market as a whole will be valued at more than US$ 209 billion.
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India is one of the leading textile producers in the world, and the textile industry is a major contributor to the country's economy. The top 5 textile companies in India account for a significant share of the country's textile production.
Here is a brief discussion of some of the biggest textile companies in India:
Arvind Ltd. is the largest textile company in India, with a market capitalization of over ?700 billion. The company is involved in all aspects of the textile value chain, from spinning and weaving to garment manufacturing and retailing. Arvind has a strong presence in both domestic and international markets.
Vardhman Textiles Ltd. is the second largest textile company in India, with a market capitalization of over $400 billion. The company is primarily involved in the production of yarn and fabrics. Vardhman has a strong presence in the domestic market and is also exporting its products to over 50 countries.
Welspun India Ltd. is the third largest textile company in India, with a market capitalization of over $300 billion. The company is involved in the production of yarn, fabrics, and garments. Welspun has a strong presence in the domestic market, and is also exporting its products to over 60 countries.
Raymond Ltd. is one of the most well-known textile companies in India. The company is involved in the production of yarn, fabrics, and garments. Raymond has a strong presence in the domestic market and is also exporting its products to over 50 countries.
Trident Group is a diversified textile company with interests in spinning, weaving, processing, and garment manufacturing. The company has a strong presence in the domestic market and is also exporting its products to over 50 countries.
So, these are just a few of the many textile companies in India. The textile industry is a major contributor to the country's economy, and these companies play a significant role in the growth and development of the industry.
Here are some of the key strategies that can be used to boost textile exports from India:
Focus on high-value-added products: India is known for its low-cost textile manufacturing, but in order to compete in the global market, the industry needs to start focusing on high-value-added products. This means producing textiles that are made from high-quality materials, using innovative designs, and meeting strict quality standards.
Invest in research and development: The textile industry needs to invest in research and development in order to stay ahead of the curve. This means developing new fibers, fabrics, and finishes, as well as new manufacturing processes. By investing in R&D, the industry can create products that are more innovative, sustainable, and appealing to consumers.
Expand into new markets: India's traditional textile export markets are saturated, so the industry needs to find new markets to sell its products. This could involve targeting emerging markets in Africa, Asia, and Latin America, or it could involve expanding into new product categories such as home textiles and technical textiles.
Improve infrastructure: The Indian textile industry needs to improve its infrastructure in order to be more competitive. This includes improving roads, ports, and airports, as well as investing in new power plants and water treatment facilities. By improving its infrastructure, the industry can reduce its costs and make it easier to export its products.
Promote Indian textiles: The Indian government and industry associations need to do more to promote Indian textiles in the global market. This could involve organizing trade shows and exhibitions, participating in buyer-seller meetings, and launching marketing campaigns. By promoting Indian textiles, the industry can raise awareness of its products and attract new buyers.
The Indian textile industry has a bright future, but it needs to take steps to boost its exports if it wants to realize its full potential. By focusing on high-value-added products, investing in research and development, expanding into new markets, improving infrastructure, and promoting Indian textiles, the industry can achieve its goal of becoming a major global player. However, if you need any type of guidance related to export import data, textile export data, or HS Code, please connect to the ExportImportData.in platform to discover the global market insights at your doorstep. Call us right away to schedule a free live demo!
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