BizVibe: Growing Textile and Apparel Industry in India Set to Outpace Big Competitors
March 20, 2017 --
LONDON--(BUSINESS WIRE)--#B2B--The textile and apparel market in India is on a roll in terms of growth and success, with significant increases in exports, jobs, and supporting initiatives set to continue to the market forward in the immediate future. Details on how this thriving, successful industry are some of this weeks featured stories on BizVibe. BizVibe is the worlds smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
Indias textile industry is creating millions of jobs
Indias textile and apparel industry currently employs 105 million people and is set to create an additional 50 million jobs in the country by 2025. These figures include both direct and indirect employment in the industry.
The booming success of the textile industry is the main driver behind this job creation. The Indian textile and apparel market is expected to grow at a rate of 8.7% to reach USD 226 billion by 2023.
Connect with over 13,000 textiles companies in India listed on BizVibe
Government support boosting Indian textile industry
Government initiatives and support policies are expected to grow the Indian textile industry quite substantially over the coming years. The most substantial of these initiatives is an USD 894 million government package supporting labour reforms in relevant sectors such as yarns, made-ups, and fabrics.
Thanks to this and other initiatives, the Indian textile and apparel industry is expected to outpace the textile markets in Bangladesh and Vietnam in terms of exports. Government support will also play a significant role in job creation and strengthening Indias global position in the global textile and apparel market.
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Indias cotton industry ready to grow
The cotton industry in India is beginning to recover, and is set to grow as cotton acreage increases across the country. Cotton acreage is expected to increase at a rate of 10%-15%, reaching approximately 120 million hectares in FY18.
The US leaving the Trans-Pacific Partnership will also potentially benefit Indias cotton industry, as it will likely redirect investments and trade from Vietnam to India. Indias strong trade agreements with the US and Europe will also help the industrys recovery and growth.
Connect with over 1,000 cotton companies in India listed on BizVibe
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