How Indian textile sector has become lucrative for western marketsHow Indian textile sector has become lucrative for western markets
News added on 18-Feb-2014 in Cotton

In the last ten years, India's textiles industry has grown by leaps and bounds. In the last ten years, the textiles industry has received foreign direct investment of Rs 5,883 crore. Besides this, the industry has attracted investments of Rs 2.53 lakh crore from the government in Technology Upgradation Fund Scheme (TUFS) schemes in the last 15 years. The most important change in India's textiles industry has been the advent of man-made fibres. Due to its various range of man-made fibres, India's textiles industry has become lucrative for western markets. Interestingly, India has become a competitive market as regards raw materials in the last ten years. It is gaining high global market share as against equally competitive countries such as China, Bangladesh and Thailand. India's competitiveness has been in technology upgradation, manufacturing costs and exports. According to a study commissioned by Cotton Textiles Export promotion Council (TEXPROCIL), India's competitiveness in such key areas has pushed India's global market share from 3 per cent in 2002 to 4 per cent in 2012. This competitiveness has increased India's exports, which at the end of FY13 stand at $32 billion. Also depreciation of rupee as against the dollar in the last ten years has increased the competitiveness of India's textile industry.

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