In terms of value and 12% of the country's export profits and 7% of its value the domestic textile and apparel sector contributes 2% to India's GDP. In India, the textile and clothing sector is the second biggest employer supplying 45 million workers and 60 million people in other sectors with direct employment in the country.
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India's trade export share of textiles and apparel in 2019-20 is 11 percent. In addition, India has become the world's second-largest EPP maker. More than 600 businesses in India are accredited today for manufacturing PPE, which is estimated to worth more than 92.5 billion dollars by 2025, up from 52.7 billion dollars in 2019.
In the textile sector, there are several business prospects. This industry is seen as beneficial to young and innovative entrepreneurs.
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1. Raw Material in Abundance
Indian has a vast raw material base that covers all kinds of natural and synthetic fibers, helping it to reach a world level. It is the world's greatest producer of cotton, accounting for around 27% of worldwide cotton output. With an 8 percent stake in the world, India is also the world's second-largest manufacturer of polyester. Viscose is another important textile fiber for which India is the world's 3rd largest manufacturer.
Others in Asia and Africa such as Bangladesh, Vietnam, Burma, Kenya, Cambodia, Ethiopia, Sri Lanka, and other nations lack a diversity of this kind. Their value chain is still based on imports that have a significant proportion of business risk from other nations. But India meets its raw material requirements for the manufacture of textiles and clothes on its own.
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2. Competitive Cost of Manufacturing
India is not a low-cost destination but, because of a variety of variables, stays competitive. In India salary costs in China and Viet Nam are greater than in Bangladesh yet lower. As for energy costs, India is equivalent, but greater than China, to low-cost locations, such as Bangladesh, Vietnam, Myanmar or Kenya, etc. In India, credit rates are higher than in China and Vietnam, but the effective cost of capital becomes comparable with specific support by the government for the sector.
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3. Availability of Readymade Infrastructure
Besides the traditional, natural clusters of production, new virtual cluster are being developed in the form of textile and clothing parks with support from central Indian and state governments. To date, 66 such parks have been sponsored by the central government in various States.
Another sort of aid that helps textile and appliance exporters to become internationally competitive is special economic zones (SEZ). Central and national Indian governments also help set up centers of excellence (CoEs), R&D installations, etc., vital infrastructural instruments for the expansion of the textile sector.
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4. Political and Social Stability
India has a stable and supportive administration which has been crucial in building business-friendly policies. The steady government provides a secured atmosphere for the global corporations to develop their base in India that is in contrast to other rising textile bases like Bangladesh, Pakistan, and Ethiopia, etc. which are plagued by political and social instability. To attract foreign investors, expand international commerce and raise transparency, the Indian Government has made strong efforts the improve the economic system. As a result, FDI inflows into India have been registered at the US $43 billion in the 2017 calendar year.
5. Government Support
To make them globally competitive, the Indian Government has initiated many assistance systems for textile and clothing producers. The schemes aim to improve technology, create infrastructure, promote exports, etc. For the next 3 years, the Indian government announced a special package for the next three years of US$ 1 billion per year for clothing and made-up producers. Different state governments have also revealed their textile policies to entice investment in their countries.
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SCHEMES
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KEY FEATURES
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Amended Technology Upgradation Fund Scheme (ATUFS)
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Support for installing modern, high technology machinery
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Scheme for Integrated Textile Parks (SITP)
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Support for setting up of textile parks
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Integrated Processing Development Scheme (IPDS)
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Support for setting up processing parks
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Integrated Skill Development Scheme (ISDS)
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Support for training workforce in textile and apparel industry
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