Being the second largest employment
generator in the country the textile industry is booming at an exponential
rate. According to Kearney’s ‘Retail Apparel Index’ India is ranked as the
fourth most promising market for apparel retailers in 2009. Though the last
financial year recorded a minor set back due to a dip in the export figures,
experts still maintain the viewpoint that the industry is flourishing.
The statistics show that the demand
for garments has started improving in
the traditional markets and exports to some new markets have also started
growing. With a keen eye on expanding into the emerging markets, the Indian
textile industry decides to keep its
focus intact. Even today the traditional markets are considered to be the core
areas for growth. Handicrafts account for a huge portion of textile exports
from India.
Thus, the South East Asian continent
including countries like Japan and China; followed by Latin America (housing
Brazil which is ranked as the most attractive emerging market for apparel
retailers according to survey reports) and also the African continent is seen
as major potential markets for expansion. At the National Garment Fair in
Mumbai, Ms Kiran Dhingra, Textiles Secretary, said though the Textile Ministry
is concerned over the demand slowdown in major western countries such as the US
and Europe, new markets like Latin America, Africa and West Asia have good
potential.
Some of the other emerging markets
being focused by the textile and apparel makers for the last few years include
, Russia, Australia and New Zealand as they offer good potential.
Minister of State for Textiles
Panabaaka Lakshmi promises a growth of 15 percent in India’s textile exports
for the current fiscal year 2013-14.
Although entry into new markets is never easy and is a long and tedious
process. With the right strategies and focused approach the markets can be
tapped successfully over time and the revenues can be increased.
