A Report on the Indian Textile Industry
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Report Code : BREP025
Report Length : 56 Pages
Period : 1970 - 2005
Organization : -
Pub Date : 2005
Teaching Note : Not Available
Countries : India
Industry : Textile
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The Multi Fibre Arrangement (MFA) that came to an end on January 1, 2005 has
opened up a plethora of opportunities for the Indian textile industry. Global
trade in textiles is expected to increase to US$ 600 billion by 2010 from US$
356 billion in 2003. The phasing-out of MFA has ensured that quota restrictions
in US, European Union and Canada which restricted textile and apparel exports
from India to these regions have been removed.
India and China are the two
countries poised to derive the maximum benefit from the phasing out of MFA.
India's quota allocation for important markets like the US, EU and Canada
was very low.
Post –MFA, India's share in world apparel exports have been predicted to
increase from 2.5 per cent in 2003-04 to 5 per cent by 2008.
With textiles accounting for almost 20 percent of Indian exports, and the
industry and allied areas providing employment to around 80 million people
in India, the Indian government is turning its attention to removing the
bottlenecks that hinder its growth.
textile industry has the advantages of high operational efficiencies in
spinning and weaving, low-cost skilled labour, availability of raw
materials and design capabilities. Yet, infrastructural bottlenecks like
the transaction time at ports, inland transportation time, lack of
initiative by textile manufacturers to go in for technological
upgradation, fragmentation of the Indian textile industry etc., have
been limiting the growth of the industry. The government in consultation
with the textile industry has come out with a plan known as 'Vision
2010', which envisages a growth in the Indian textile industry from US$
36 billion (Rs 1609 billion) in 2003-04 to US$ 85 billion (Rs 3697
billion) by 2010 (an annual growth target of 11-12 percent).
In expectation of increased revenue generation as well as
employment, the government has streamlined the anomalies in taxation that used
to exist in the textile industry, is providing subsidized loans to companies for
technological upgradation, and is also acting as a facilitator to bring together
the players in the industry.
The textile industry in India is highly fragmented, and therefore the government's role in achieving some kind of consolidation in the industry has been appreciated...