India鈥檚 textile and apparel industry is expected to have a substantial growth over the next few years 鈥� domestic textile and apparel market, textile and apparel production, as well as exports are all set to expand in the coming years. This expansion is mainly driven by the latest government incentives and support policies.
The Indian government announced a special package to facilitate the country鈥檚 textile and apparel industry under the heading of the New National Textile Policy in 2016, aiming to further grow country鈥檚 textile and apparel exports by 2024 and creating additional 50 million new jobs in the industry, most of which would be offered to females.
This $894 million government package for the country鈥檚 textile and apparel industry is also supporting the labour reforms in relevant sectors such as yarns, made-ups and fabrics. With this package, the Indian government hopes the country can capture the market space created by China due to its rising wages which has led international companies to source from elsewhere.
The聽Indian government is also planning to increase the overtime hours limit for willing workers and introduce a fixed-term employment in the textile and apparel industry. With all the implementations of these policies, India鈥檚 textile and apparel industry is projected to generate $30 billion in additional exports and $11 billion worth of investments in the sector over the next three years.
Another preferential initiative launched by Indian government is 鈥�Make in India鈥� (launched in 2015), which aims to transform the country into a global textile and apparel sourcing and manufacturing hub. The policies also include attracting more foreign direct investment (FDI) and making India more popular among foreign textile and apparel manufacturers.
According the forecast from Apparel Export Promotion Council (AEPC), the total investments in the country鈥檚 textile and apparel industry will be worth around $747.6 million in FY 2017. If India invests more in technology and innovation in the sector to boost its productivity over the next few years, India will become a stronger competitor for China, when it comes to textile and apparel exports in the global market.
Thanks to the government鈥檚 support, India is set to leapfrog Bangladesh and Vietnam in textile and apparel exports over the next three years. Both these countries overtook India in textile and apparel exports in 2003 and 2011 respectively. Overall, the textile and apparel Industry in India is expecting a promising future in terms of increasing exports, creating more jobs, and strengthening India鈥檚 global position in the global textile and apparel market.
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