India Entrepreneurs: Sino US Trade Friction Brings Opportunities For India's Textile Industry
According to the India Press Trust, Prabhu Damodaran, the convener of the India textile entrepreneur association, said Saturday that Sino US trade friction has brought opportunities to India's textile industry.
He said that the total amount of global textile exports was fixed at 260 billion US dollars. In the past 5 months, China's exports to the United States dropped by 3% to 4%, and textile manufacturers in India must make use of this opportunity to make money.
Darmodaran made his remarks at the opening ceremony of the second India National Textile Conference. He further said that India manufacturers must shift their focus to value added products and mass garment manufacturing in the clothing sector, which will help reduce the cost of basic commodity clothing.
"An increase of US $1 billion in exports will create 150 thousand new jobs for India." Damodaran said.
According to press reports, India has identified 151 commodities that can replace US exports to China. With the escalation of Sino US trade frictions, India stakeholders believe that India is expected to expand its exports to China with price advantage and make profits. India officials said that the retaliatory tariffs being implemented by the two sides provide an opportunity for India to increase its export to China.
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