Business Counterparts Give Jitters To Indian Apparel Industry
Not Just The Global Economic Downturn, But The Growing Productivity Of The Neighboring Countries Like Bangladesh, Sri Lanka, And China Are Now Giving Gitters To The Indian Apparel Industry.
Indian Apparel Industry, Which Was Hit Badly By The Recession, Was Perceived To Succumb To Its Hold. During The Past Years, Indian Apparel Industry Was Known For Its Alley Shops, And Using Inexpensive Materials For Making Apparels. After The Lapse Of A Year Since The Global Recession Started, Economy Is Rejuvenating Faster Comparatively Over The Western Economies, Now Showing Strong Growth Prospects. Currently, The Country Is Going Through A Phase Of Rapid Transformation, Shedding Their Sweatshop Image So As To Compete In The Global Market.
Asia Is In The Global Radar, Attracting The Attention Of Other International Countries. China, India, And Bangladesh Are The Leading Textile Manufacturers And Major Consumers As Well. Mild Signs Of Revival Are Seen With Export Orders Beginning To Flow In A Gradual Speed. Despite All The Silver Linings, The Industry Is Facing Severe Competition From Its Business Counterparts Like Sri Lanka, China, And Bangladesh. For The Apparel Industry, Cost Of The Fabric Makes Almost 60% Of Its Selling Price. Increase In The Cost Of Fabrics Simultaneously Result In An Increase In The Cost Of Apparels For Indian Garment Exporters.
Global Market For Textiles Is Changing, Along With The Customer Tastes, And Preferences Making Them More Demanding. To Grab Their Slice Of The Pie, Every Country And Manufacturer Does Not Miss Even A Small And Single Opportunity. They Work On New Strategies To Remain Competitive In The Global Market. Bangladesh, Sri Lanka, And China Are Competent To Export Apparels At A Cheaper Rate Compared With The Export Value Of Indian Apparels. This Greatly Favors The Indian Counterparts, Who Gain The Commercial Benefits Of Exporting Cheaper Apparels.
Exports From The RMG Sector Of Bangladesh Saw A Remarkable 10% Growth From 2008 Onwards, While That Of India Fell By 3%. The Biggest Advantage Bangladesh Clothing Manufacturers Have Vis--Vis Indian Manufacturers Are The Disparity In Wages Given To Workers, Due To Which The Sector In Bangladesh Holds An Edge. Fabric Availability At Inexpensive Rates, Economies Of Scale Resulting From Bigger Manufacturing Units Favor The Growth Of Bangladesh Apparel Industry In The Global Arena.
While Cotton Remains A Cost-Friendly Purchase In India, Blended Fabrics Like Polyester Knit Are Imported From China At Lower Costs. This Makes The Global Businesses To Consider Options Of Sourcing From China Which Is 5-10% Lower Than The Indian Rates. Foreign Buyers Now Lean Towards China Placing Orders At An Enhanced Rate. . Apart From This The Strengthening Rupee Has Caused A Setback To The Apparel Industry. Sri Lankas Low Priced, But Quality Products Attract More Foreign Buyers. Many Apparel Manufacturing Units In Sri Lanka Are Pre-Occupied With An Increasing Number Of International Buying Orders. Buyers Feel More Comfortable Placing Orders With Sri Lankan Factories, As They Offer Apparels At A Lower Cost, Meeting With International Standards.
India Is Struggling To Prolong The Competition, As Its Cost Of Production Is High. Value Added Garments Will Be The Key To Tackle The Competition From Neighboring Countries. Features Like More Embroidery, And Embellishments Will Tend To Attract International Buyers. Skilled Craftsmen, Business Flexibility And Remarkable Fabric Quality Are The Major Advantages; India Has Over Its Competitors.
Indian Apparel Industry Is Optimistic For Revival And A Quick Growth. The Country That Was Once Having An Image Of Working With Many Sweatshops, Popular For Its Alleyway Shops, And Cheap Fabric Materials, Has Moved Into The Global Arena And Is All Set To Handle The Tough Universal Competition, And Is Optimistically Expected To Do Well In The Coming Months.
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Article Tags:
business counterparts
,indian apparel industry
,global recession
,textile manufacturers
,indian garment exporters
,fibre2fashion
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