Although India Textile Industry Is In A Predicament, Its Prospects Are Bright.

Consulting firm Technopak said on Monday that although the textile industry in India is facing tough times, the future of the textile industry seems bright.

By 2020, India's textile and garment exports are expected to reach US $80 billion, far higher than the US $24 billion 100 million export in 2010.

The consultancy expects that by 2020

Trade will reach $1 trillion, compared with $510 billion in 2009.

Technopak said growth expectations in developed countries slowed down, and growth expectations for emerging economies, including Brazil, Russia, India and China, were raised.

The study found that China and India are most suitable to develop long-term cooperative relations with partners because they are most capable of consistently performing contract conditions and delivering on time, and they have the potential to provide full range of services, such as design and supply chain integration.

Technopak also emphasized the raw material problems in India and Pakistan.

The company said that because of its benefits from cost and delivery time, India has a wealth of raw materials.

Almost all man-made and natural yarns and fabrics, including cotton, polyester and cotton, have supply bases in India.

As the fourth largest cotton producer in the world, Pakistan also has an excellent raw material base.

Technopak expects Pakistan to remain strong in sheet and denim fabrics.

However, studies have found that countries such as Bangladesh, Vietnam, Indonesia and Kampuchea are working hard to build textile centers in China.

These countries create sad days for major clothing exporters, but because of their product centric and slow delivery, they are faced with supply chain constraints.

The report found that the recent trend of flattening in India's clothing sector is due to the following four factors: GDP growth, alternative employment opportunities, minimum wage rise, almost no economies of scale, and lack of vertical integration.

The company said that despite challenges, the outlook for the textile and garment industry is very optimistic.

He appealed to the government and industry to give support in four aspects, improving the processing technology, increasing the production of synthetic fiber garments and improving efficiency, turning from traditional manufacturing centers, such as Delhi, Bangalore and Chennai, to low-cost centers.

The company said that India traditionally focused on women's wear and knitted apparel, and now has the opportunity to turn to other categories, such as coats, formal wear and underwear.