China is the largest garment exporter in the world. China exports different type garments in all age group for maximum countries. Recently according to govt. official report, India is the 2nd largest ready made apparels exporter to United States. India has also overtaken to Germany and Italy in terms of apparel exporting this year. India is also 2nd largest textile exporter in the world. No doubt, China is higher by its textile and garment export seven times higher than India.
In 2016 while Donald Trump won the election and became the President of United States. After then US allowed imports from India of several products such as apparels and readymade garments, spices, outsourced IT projects and more. Out of those apparel sector goes up boom and was exceptional. Many apparel companies exports readymade garments to US through online and offline.
According to the government of US trade data, there are top five apparel exporters to the USA, Out of those Vietnam exports 7.42% growth, India has rising 2.19% during the period on 2018-19 basis, as told per data from Office of Textiles and Apparel, US Department of Commerce. However, Indian apparel exporters are banking on a continued decline in export because of China. China is looking to move towards technology and involved with lot efforts to be capital-intensive industries than labor-intensive ones. Similarly on the other hand Bangladesh also hit by rising labor costs and compliance issues making it tough to please the US in terms of quality.
According to textile info media, recently announced by Textile Ministry of India there is around Rs 6,000 crores textiles package in India boost textile segments in various ways such as exports or manufacturing and that might be help to generate large employments as told by textile secretary Rashmi Verma. She also told the Textile Ministry of India will also focus on lower excise duty such as handmade fibre, weaving items and cotton fibre.
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India lost its proper growth in terms of textile and garments sector because the other textile developing countries such as China, Pakistan, Vietnam, Bangladesh and Taiwan. Those countries are basically more focused on textile and garment manufacturing and exports in very low cost to different geographic locations of the world. So to keep an eye on that India seeing a new dawn in the textile and garment sector as per the new textile policy might be help to regain textile business as well.
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