Declining textile exports have prompted India to look outside traditional markets and tap the ones being served by competitors such as China. The textiles ministry of India is planning to do roadshows to promote textile exports in the new markets.
They used to hold roadshows in the past and wanted to approach new markets through these. They have identified Russia, South America and West Asia to boost exports.
The plan to do roadshows abroad comes in the wake of a 3.3 per cent decline in exports in 2015-16 to 40 billion US dollar from 41.4 billion US dollar in the previous year due to India losing its competitive edge to Bangladesh and Vietnam. Textiles sector is among the largest contributors to India’s exports, with a share of almost 11 per cent. The US, European Union and parts of Asia are the main markets for Indian textile and apparel exports.
The government had announced a Rs.6,000 crore package for textiles and apparels sector to help it wrest a bigger share of the global market. Besides pushing exports, roadshows abroad will also benefit the domestic textile industry. Russia and West Asia are not our traditional markets but have been developing as important destinations in recent years.
The textiles ministry, which has set a target of doubling textile exports in 10 years, plans to enter into bilateral agreements with Africa and Australia, along with working on a new textile policy to promote value addition.
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