India’s textile industry faces global challenges: Jardosh
Senior ministry officials and captains of industry attend ATEXCON.
The Minister appreciated the Indian industry for playing a proactive role in the global market. She said the recent US ban on cotton from China’s Xinjiang region may lead to higher cotton prices in the international market and the Indian industry should be prepared to deal with the problem. The Indian currency has recorded a depreciation against the US dollar, which may provide temporary relief, but other Asian currencies have seen a greater depreciation against the dollar, which may lead to increased competition in the market. international. Indian textile exporters will need to expand their capacity to face fierce competition.
Union Minister of State for Textiles Darshana Jardosh has urged India’s textile industry to prepare to face the challenges of structural change in the global textile market. She was speaking as a guest of honor at the thematic session of the tenth edition of the Asian Textile Conference (ATEXCON) currently underway in New Delhi, India.
The theme of this edition of ATEXCON is the prospects and challenges of The textile industry in the next decade. The minister said during the thematic session that the Indian industry will not only have to face the current challenges, but also prepare for the next decade. She said there has been a structural change after COVID-19 and textile supplier countries are working on the China Plus One concept which presents huge opportunities for the domestic industry.
Minister Jardosh called on the industry to focus on research and innovation to achieve the target in line with Prime Minister Narendra Modi’s vision. She focused on training workers who work in the cottage industry of the country’s textile sector.
Textiles Secretary Upendra Prasad Singh told the thematic session that every industry and sector in India must play a role in achieving the goal of becoming a developed nation in the next 25 years in line with the vision of the Prime Minister. He said India’s textile industry has the strength to grow in the global market as it has a complete value chain. Many other countries lack such strength. The government is working proactively to address current industry issues.
Singh added that the industry requires security of raw materials, which is an important area to address. The government is working to increase the production and quality of cotton. But the synthetic fiber is very important to ensure the supply of raw materials. He asked industry representatives to focus on value chain sustainability. Many products can be made by blending recycled fibers, which is more cost effective and sustainable. He urged the industry to increase its efficiency to face global challenges. Bangladesh and Vietnam have managed to increase their share of the US market and Indian industry will also need to develop the strength to expand its market share.
T. Rajkumar, Chairman of the Confederation of Indian Textile Industry (CITI), said in his welcome address that the global textile industry is witnessing an overhaul of the entire supply chain, including countries where the clothes come from. Terms such as “China Plus One”, re-shoring, onshoring, etc. are commonly heard in interactions throughout the textile value chain. He said the value of global textile and apparel exports stood at $828 billion in 2021, registering an 8 percent growth from $770 billion the previous year. Representing approximately 37% of this figure, China remains the leading textile-clothing exporting country. With about 5% each, Bangladesh, Germany and India are neck and neck, followed by Vietnam with 4.5%.
The share of textiles, garments and handicrafts in India’s total exports was 10.62% in 2021-2022. Besides being the largest producer of cotton and jute, India is the second largest producer of silk. The technical textiles segment also holds an estimated 9-11% share of the global market.
The Indian government had also temporarily removed basic customs duties on cotton imports until September 30, then extended them for a month until October 31, 2022. But this did not help the industry to reduce the overall cost of production, as raw material prices have increased. exponential growth worldwide.
Fibre2Fashion (KUL) News Desk