Indian Textile Industry and how has Contract Manufacturing contributed in its growth

-

India is the 2nd largest textile manufacturer in the world and one of the few countries that are capable of completing the whole process of production, from the yarn to the final product, ready for the market. Earliest to come into existence, it accounts for 14% of the total industrial production and contributes to nearly 30% of the total export. This sector makes up around 2.3% of the GDP and is the biggest employer with around 45 million workers, according to the reports from FDI India. Recognized as one of the best sourcing destinations for garments and textiles, the Indian textile industry’s greatest strengths are a strong production base of a wide range of fibres and yarns, an abundance of raw materials, availability of skilled manpower, competitive manufacturing costs etc.

 

Indian Textile Industry and how has Contract Manufacturing Contributed in its Growth

What Union Budget 2022-23 has in the store for this sector?

The Indian textile industry is one of the most important pillars of the Indian economy in terms of output, foreign exchange earnings and employment. Thus, the growth and development of this industry have a direct impact on India’s economy. Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23 and announced allocation for the textile sector which will be 8.1% higher than the previous year's budget and seven mega textile parks have been planned to double the industry size to $300 billion by 2025-26. Steps like these taken by the Government are intended to strengthen the micro, small and medium enterprises segment which holds the major share in the textile and clothing sector.

 

Textile and apparel manufacturing sourcing companies in India and sourcing by global retailers to India are expected to have an annual increase of 12% per cent. The overall textile market of India is expected to grow at a CAGR of 10% to reach $190 billion by 2025-26. Top clothingmanufacturers like Raymond textile and apparel, Billoomi fashion, Aquarelle group, Century Enka etc. and top clothing companies in India like Levi’s, Flying Machine, Monte Carlo, Lee, Van Heusen and Numero Uno are keeping the clothing industry up to date and making sure that the industry is growing and evolving with changes in fashion trends to make India the most preferred sourcing destination.

The US restrictions on Chinese exports have benefitted the Indian apparel sector and the textile contract manufacturers which have resulted in an 18% increase in garment export to the US. Hence, finding a relevant contract manufacturer who can meet the company’s business needs becomes an important aspect. Industry Experts, a B2B sourcing platform, connects the brands with the suitable contract manufacturer according to the business needs.

 Source:-  https://www.industryexperts.co.in/blog/indian-textile-industry-and-how-has-contract-manufacturing-contributed-in-its-growth

 

Comments

Post a Comment

Popular posts from this blog

How to choose the Best Sourcing Company for Your Business

-
Image
  A significant number of modern companies have recently turned to the manufacturer sourcing activities to reduce their production costs. In addition, they will lower their goods and services costs. In this respect, the position of manufacturing sourcing  enterprises is significant. However, it is not easy for businesses to select a Manufacturer sourcing in India . Before you deal with a sourcing firm, you have to look at certain things. Until choosing a procurement organization, businesses must weigh the following factors: Knowledge: Often manufacturer sourcing firms do not have proper knowledge of goods and services they are dealing with. These corporations can be avoided by entities by all means. Always choose manufacturing sourcing in India businesses who know the manufacturing processes. When enterprises choose these vendors, they do not adhere to quality requirements on their goods and services. Authentic procurement agencies such as Industry ...
Read more

How B2B Sourcing Platforms Enable Your Business to Acquire Wider Reach?

-
Image
  As per Statista, global business-to-business (B2B) sourcing transactions totaled $12.2 trillion in 2019. The emergence of the B2B marketplace is among the most influential developments in B2B eCommerce. The importance of this B2B sourcing platform cannot be overstated, as it has reinterpreted the trading relationship between B2B buyers and sellers while still acting as a networking hub. If the trend seeks to spread, conventional B2B wholesalers and distributors have a tremendous opportunity to adopt the online marketplace paradigm and obtain a strategic edge.   As a result, B2B solution providers are witnessing dramatic shifts in buyer tastes and software procurement methods. In addition, the study showed that more than 80% of businesses no longer purchase software according to a calendarized buy schedule. Rather than waiting for the next update or purchasing cycle, more than 50 % of the respondents have said that they are willing to make a purchase as soon as the need ...
Read more

Manufacturing Plants - Where Passions Turn Into Products

-
Image
The success of a dream project hinges on, besides other parameters, the quality of  the finished products. On the other hand, profitability depends on the overall efficacy of  the production unit.  As a business owner,  one has the option of outsourcing the production of goods or producing them at  one’s own factory as per the desired specifications. Alternatively, one could be in the contract manufacturing business  in which case production is carried out for orders received across the globe according to the desired quality and specifications. In either scenario, the manufacturing unit has a vital role to play. A manufacturing plant setup consultant has the expertise to help set up such manufacturing units.  You in this regard. What Does The Consulting Industry In India Look Like?  Consulting as an industry has come a long way since Mckinsey set up shop in the country back in the ‘90s.  Associated Chambers of Commerce and Industry estimated...
Read more