India, the second-largest producer of textiles and garments, has been eyeing to be a sourcing hub, riding on the back of a skilled labor force and opulence of cheap raw materials. With Indian Textile Industry accounting for a quarter of the global spindle capacity, its potential size is speculated to reach US$23 billion by the end of this decade.
Being the second largest employment generating sector in the country after agriculture, Textile Industry has got a huge bearing on the country’s economy. Hence, a holistic development of this sector is imperative for GDP expansion. Infusing the right kind of technology with this industry is definitely the roadmap to tap the entire market potential.
The Ways And Means To Augment Global Demand
The Internet-driven trade policies will drive textile demands up and bolster exports as the seller can take a precise stock of the preference patterns and shifts. Following a 100% automatic FDI route in the textile sector, technology up gradation is on the menu. The global market needs to get increasingly acquainted with the range of Indian products and all related specifications thereof.
The Indian Textile products can be marketed as brands after proper standardization and quality control. The real essence of brand India is bestowed in its villages with teeming cottage industries manufacturing textile products. E-commerce would provide the proper platform for these products to transcend the local realm.
No Time For Policy Paralysis
For providing seamless exports to other countries, the policymakers need to come up with Free Trade Agreements (FTAs) with various countries and trading blocs. With such a revised duty structure in place, the cost of labor and wages will get balanced. Based on these FTAs, the exports could be channelized to the target countries.
Modernisation Policies In Textile Sector And Role Of Internet
- Capital subsidies and reduced rates of credits form the cornerstone for Technology Upgradation Scheme undertaken by the Government. The internet provides accessibility to such information which can be useful for manufacturing start-ups.
- The success of Indian Textile sector is intricately woven with aggregating of service sector with the manufacturing sector. The e-commerce retailers are a prime example of how to showcase products suited to the changing lifestyle and reach to the targeted customers.
- The Integrated Skill Development program undertaken uses information available on the internet to impart a comprehensive training to the artisans. The focus on testing, evaluation and capacity building are heavily dependent on online data.
The Plethora Of Internet Driven Opportunities
- Internet-based marketing, branding, and standardization instills some sense of credibility in the Textiles and Garments sector and helps remove doubt from the mind of investors. Consequently, technical textiles, retail brands, value-added specialty fabrics and the entire chain of synthetics can reap the benefit of investment and expansion.
- The financial support provided to the textile manufacturing sector can be directed to the target group with ease due to higher transparency.
- The detailed features and analysis of the growth drivers in this sector viz. focus product scheme, focus market scheme, duty remission scheme, and other incentives through setting up of SEZs are all made available through the internet.
An Indispensable Platform For Indian Textile Industry
A wide-ranging online platform for textile market transactions is provided by www.textilestock.in . With its burgeoning inventories, it enables the buyer to make a more informed choice. The seller can be rest assured to get deeper market penetration and get a feel of customer choice.
Riding through ups and downs of changing times, Indian Textile industry has survived the test of time and is on course to be a global leader. With a more Internet-centric approach to both manufacturing and service relating to this sector, it is only a matter of time before the industry reaches out to the unexplored corners.