India Media Reports: India'S Clothing Industry Is In A Crisis Of Payment.

India media news.

Chief executive RahulMehta said recently that the whole garment industry was in a crisis of payment.

In some extreme cases, buyers disappear without payment.

To this end, the India Garment Manufacturers Association (CMAI) increased the membership of the industry arbitration committee from 4 to 15 in order to provide an arbitration representative seat for every subdivision of the garment industry.

In addition, 80 volunteers formed supervision teams to monitor developments.

These volunteers represent the interests of garment industrial real estate and apparel industry cluster.

The garment manufacturers association also appealed to wholesalers, distributors, agents and retailers in the clothing industry to hold a meeting in Mumbai to discuss this issue.

Before applying for arbitration of the CMAI Arbitration Commission, it will be necessary to wait for 18 months in the "silent period".

Because the structure of India's clothing industry is very dispersed, many clothing companies have no way to control their accounts receivable.

To this end, the India Garment Manufacturers Association launched a motion to unite all stakeholders in the garment industry to ensure timely payment by all parties.

Related news:

Garment export growth in India surpasses China

The India Times reported in January 30th (2015) that after the decline in cotton yarn prices, some large overseas buyers wanted to lower the price of garments. In this context, India's clothing exports had new bright spots.

In 2014, the growth rate of garment exports in India exceeded that of bulk garments exported from mainland China, although the growth rate was based on the smaller export base.

Statistics show that in 1-10 months of 2014, the growth rate of garment exports in India was 14.6%, reaching 14 billion US dollars.

Over the same period, the growth rate of garment exports in mainland China was 6.5%, which amounted to US $145 billion, which was 10 times the export volume of garments exported to India.

The news relieved India's garment exporters.

Earlier, because of the sharp decline in cotton prices, which accounted for a large proportion of the cost of garments, overseas buyers have asked exporters to reduce their cost by 6%-8% to get higher profit in garment sales.

The strong growth in recent months has made garment exporters confident that the export growth rate will be pushed to 20%.

According to Virandra upol, chairman of the India Clothing Export Promotion Association, "according to our prediction, our clothing export is expected to achieve a grand goal of exporting US $37 billion 300 million in 2018-19 years.

In the current fiscal year (4-12 months of 2014), the ready-made clothing exports in India maintained a growth rate of 15%.

Such rapid growth is a clear indication that India is becoming one of the preferred sourcing and distributing destinations for buyers from all over the world.