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An Outlook on Indian Textile Sector
The Indian textile industry is well-established with strong features and a bright future. In fact, the country is the second largest textile manufacturer in the world after China. A similar force is exemplified in the cotton production and consumption trends that India ranks after China and the United States. The textile industry is a pioneering activity in India’s manufacturing sector and is of paramount importance in the country’s economic life, which is still based on agro-food. With about 35 million employees, the textile industry stands as a major source of foreign exchange earnings, adding that it accounts for 14% of industrial production and 16% of the export revenue it generates.
The textile industry is not limited to the production and export of garments. The success of the Indian textile sector lies in the effective vertical integration policy that has helped the operator to control the process which, while lying beyond the simple production exercises, has a serious impact on it, for example, material treatment. Original. Thus, cotton, manure, silk or wool, and even synthetic materials are also produced by the industry to supplement and strengthen the garment industry. Almost a quarter of the world’s spindle activity is held in India, once again positioning itself after China. Looming is another important element that has a major activity in this industry. In fact, it requires an impressive 61% share, including handlooms. The country is also a major producer of fibers and yarns on the world stage, accounting for 12% of the world’s production. India ranks second in the production of silk and cellulose fibers and yarns, while it ranks fifth when it comes to synthetic fibers and yarns.
Indians clearly understand the importance of moving forward one step in development in the global economic environment. The industry is now preparing to take its share of the expected opportunities out of the market, free from quota restrictions and other trade barriers. Industrial operators are increasingly moving towards modernization and expansion, as encouraged by the government-defined textile improvement fund project.
The domestic textile sector is now at a critical juncture where it should be prepared to emerge and seize the opportunities available through international market liberalization. However, producers are inadvertently caught when new players start entering the market, as most operators are wary of the imminent opportunities that come from quota-free markets. Strategies and policies are primarily focused on expansion and modernization, leaving more space for local players. It is now clear that later there was enough freedom to strengthen them and now they are more organized than export-oriented companies.
Lack of competition is destroying the enthusiasm that is affecting activity in European and US markets. With the removal of similar quotas and trade barriers, observers expect the market to offer new opportunities with valuations reaching S $ 1.4 billion for towels and $ 1.8 billion for bed linen. China’s impressive production capacity and its growing strength have forced the European and US markets to have some serious reflections. To stop the massive invasion of their products, the European Union and the United States have imposed trade restrictions, prompting retailers to reconsider their sourcing strategies through diversification from China. Now, of course, India has good cards to play. With traders aware of the threat of relying on a single source of production, such as China, India could do well to propose a viable option for international buyers, but this is only possible through adequate development strategies. And appropriate to macroeconomic policies only.
In that regard, many manufacturers in India are rushing towards expansion and modernization options. Manufacturers are getting help to fund programs that drive high-growth EPS by dissolving stocks in their own way. Business cooperation with foreign players, establishment of purchasing offices and government efforts to promote quality production and exports are visible signs of many Indians entering the global market. .
Get ready for expandable capabilities
New opportunities have taken place with home textile manufacturers in India in the direction of strategic expansion. The Textile Improving Fund has helped many such operators increase capacity during the last three fiscal years. Such an expansion strategy not only has an impact on production volumes, but also helps companies better deliver on-demand products.
Value Added – The Road to Higher Price Achievement
Terry towels from Indian factories account for nearly 21% of the global market. With another 19% share in the bedding market, India stands as a quality supplier to the United States. Indian products focus on innovation and quality. Visible efforts in improving quality, innovation through R&D software and other value-added functions bring a new dimension to Indian products. This resulted in higher profits compared to other local producers.
On-demand and high-value products are generally not affected by changes in market parameters. Therefore, there are no special price fluctuations in the Indian market during the quota withdrawal. But products from other regional competitors, unlike China, where prices are drastically reduced to buyers .
High competition with neighboring countries
China has reacted to quota quotas by invading the US market with its textile production. The United States has no choice but to re-introduce trade barriers to ease the situation, prompting traders to diversify their buying options and thus give India an unexpected boost in world markets.
However, the situation is not entirely in India’s pockets. It should still keep its guard as the neighbors begin to embark on a similar global adventure with a cheerful and encouraging attitude. Pakistan and Bangladesh are growing rapidly, narrowing the gap with India in an impressive way. In the last 3 years, Pakistan has exported 4 times more condoms to the US than India! It should be noted that Pakistan is the most important cotton producer in the world and has been blessed with favorable agreements with the EU and the United States, even during quotas. The Pakistani government understands this game and is pushing for development through the implementation of the 6% R&D program. Others, like Turkey, are also in the race.
Technology Improvement Fund (TUF) increased to Rs5.4bn from its previous Rs4.4bn
The interest rate subsidy on term loans available to those in the handloom sector has been increased from Rs2.0bn to Rs2.4bn.
The tax rate has been halved on all artificial fibers and is now 8%.
Import duties are reduced from 15% to 10% on all artificial fibers.
Impact of the budget
Reducing tariffs on artificial fibers is implemented to favor cheaper production costs and ensure competition in export markets.
SSS is expected to increase further with interest subsidies on handloom loans.
TUF, with interest subsidies, provides textile operators with compelling funding plans for their expansion and development strategies.
Establishing a textile garden will undoubtedly help boost the entire industry. The 10 dedicated areas have already been identified and seven of them have already been sanctioned. Special schemes for integrated textile gardens are aimed at helping to achieve such a purpose.
The future of the textile industry seems bright in every aspect. As such, the government places trust and reliance on all sectors for its strong ‘job creation’ capabilities more clearly in the garment sector. Reducing the tax burden on companies will play an important role in reducing production costs and boosting competition, increasing the ability to attract high-volume orders from the global market. Modernization enables companies to provide quality and quantitative solutions that meet the constant needs of international buyers.
Industry Wish List
5% tariff reduction on inputs for textile machinery. Current rates are from 10% to 15%.
Textile products will continue to perform certain obligations that may be extended to other SAFTA member countries.
15% to 10% reduction on tariffs imposed on synthetic fibers.
The Garment Export Promotion Council (AEPC) is aiming to eliminate 100% of all tariffs on garment exports.
The Technology Improvement Fund (TUFS) scheme has pushed for an additional 10% capital subsidy to purchase processing equipment. To assist in expansion plans. The processing sector is expected to benefit from such measures in the long run.
Union Textiles has unveiled a white paper called Vision 2010, where it provides a clear indication of its purpose and objectives in relation to the billions of US export markets.
Operators are increasingly considering consolidated approaches to strengthen production capacity that will put them in a better position in the global and free markets. As such, mergers and acquisitions are now more frequent with companies tied to smaller companies to address global challenges.
However, the renewal of TUFS was stopped after March 31, 2007 by the Ministry of Textile. The Ministry has asked TUFS agents and banks not to process new loans effectively immediately.
According to sources, the estimated funding for TUFS loan repayments for the 2006-07 fiscal year was only Rs 535 crore, but the amount needed for the subsidy is about Rs 1,515 crore, which has tripled. Than the set provision.
India has been a bit slow in technology in the garment sector and this has severely hampered the growth of exportable production. Garment in India accounted for 9.3% of total garments in 2003. The United States shows 94.8% in the same category, while Austria shows 95.2%. Clearly India is well behind, with only Pakistan coming in at 7.6%.
Labor regulations are a major concern in India, posing a serious threat to industry at various levels. Without clear rules, strikes and similar issues often lead to business termination.
Obviously, finding a solution in such conditions is a waste of time and effort of the enterprise, which frustrates the industry or even the economy of the country as a whole.
The geographical location of India compared to its rivals is an inconvenient but natural disadvantage. Manufacturers such as Mexico, Brazil or even China have good relations with the European and US markets, and the price is charged in the world trade market. The impact is mainly felt on shipping cost, delivery time, etc.
The Handloom Reservation Order and Hank Yarn Obligation Order are examples of obsolete and unnecessary regulations that put operators in a time-consuming and complicated procedure. This mainly affects local operators, giving the impression that the domestic market is moving in contrast to the international market, where liberalization is a key element.
The home textile sector is in a good position to activate and encourage development in the entire local textile industry. With more emphasis on products that have a longer cycle than those medium garments, home textile production is more protected than its garment products. Those who want to take advantage of the opportunity must show good preparation as well as a willingness to continue to stand at the forefront of the global competitive game – without these. We can see regional competition grabbing most of the market share.
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