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‘Sourcing, a big opportunity for textile industry’

COIMBATORE: The Indian textile and apparel industry has ample potential to grow further. However, that growth depends on competing effectively, consolidating the industry, moving up the value chain, and delivering better quality at effective rates and minimum lead time, says the CII-Ernst & Young report on “India in the global textiles ecosystem”. The report was released at Comptex 2007, the textile conference organised by the Confederation of Indian Industry in association with the Southern India Mills’ Association, here recently. The global textiles and apparel trade is said to be worth about $450 billion, with the U.S. and the European markets dominating the global trade.

According to the report, India stands to benefit immensely from this growth as international brands and buyers look to low-cost production countries to broaden their sourcing base. The report identifies ‘sourcing’ as a huge opportunity for the Indian industry. “Globally, there are clear indications that textiles and apparel production is consolidating with production shifting towards the Asian countries,” says Ranjan Biswas, partner, retail and consumer practice, Ernst and Young India, in a release.

India has several advantages in terms of supply of cotton and man-made fibre, well-established production base, skilled labour and good design capabilities. “Besides, Government incentives to exporters and entry of foreign retailers into the Indian market will also act as a fillip,” according to the report.

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