Do you know about - Indian Textile commerce - Swot diagnosis
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The Indian textile commerce is one of the foremost textile industries in the world. Though it used to come under unorganized sector few years back, the scenario changed dramatically after the economic liberalization of the Indian economy. Liberalisation gave the much-needed push to the textile industry, which has now successfully become one of the largest in the world.As per the last statistics ready from the annual report 2009-10 of the Ministry of Textiles, "The Indian textile commerce contributes about 14 per cent to market production, 4 per cent to the country's gross domestic product (Gdp) and 17 per cent to the country's export earnings." Additionally, it provides direct employment to over 35 million habitancy and is the second largest victualer of employment after agriculture.
The report additional says "The current domestic shop of textile in India is staggering to growth up to Us$ 60 billion by 2012 from the current Us$ 34.6 billion. The share of exports is also staggering to growth from 4% to 7% within 2012." Textile Accessories are also an foremost part of this segment.
Strengths of the Indian Textile Industry
India's biggest drive lies in its big pool of cheap and talented workforce. However, apart from it there are few other foremost factors which contributes to its drive like
Huge Domestic shop consumption (due to its own population). tremendous Export inherent (Indian products are in great question among the western importers) The new age creative and risk taking entrepreneurs. Use of most recent technology which produces high ability multi-fiber raw material. Supportive government policies.
The Indian Textile commerce has its fair share of infirmity like:
The increased global competition due to Wto policies. Use of outdated manufacturing technology from the low end suppliers. Inefficient contribute chain management. Additionally, this sector is still unorganized at many levels and needs a lot of government reforms for additional improvisation.
Opportunities
The western countries are now setting up their manufacturing units in India which single handedly opens up a wide array of possibilities for all the stakeholders within the textile industry.
Experts believe that the golden era of Chinese textile and apparel exports is over and the production base of global textiles is slowly shifting from China to India, Pakistan and other low cost destinations.
Threats:
Even though experts claim that China is past its glorious days, still one cannot afford to take china lightly and has to keep in mind the ability of Chinese exporters to contribute ability products at cheap prices. Indian textile exporters cannot afford complacency and need to be on their toes for any changes within the international trade community.
Final Thought:
Global textile production has witnessed the growth of an phenomenal 25 percent (including the Textile Accessories ) in the last decade. Asian markets will continue to spearhead the growth of the textile commerce in the years to come and the textile commerce could go beyond the current 0 billion mark any time soon.
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