Indian apparel sector aims to increase global market share – Feedback

To grab the market share vacated by Chinese apparel manufacturers, India’s Clothing Manufacturers’ Association of India (CMAI) has signed a memorandum of understanding with China Chamber of Commerce for Import and Export of Textiles (CCCT) to explore potential areas of mutual co-operation for increasing apparel exports from India.

India’s apparel export stood at $17 billion for the financial year 2015-16. With Rs 5,000 crore package approved to boost the entire apparel sector, the government has set a target for apparel exports at $20 billion as against the industry’s pre-package target of $18.75 billion for the current financial year. The textile ministry has also asked the apex industry body the Apparel Exports Promotion Council (AEPC) to create 1 million jobs and achieve $30 billion in three years. The MoU between India and China assumes significance especially in terms of the latter’s reducing focus on labour- and energy – intensive industries to which textiles remain in the forefront. This has resulted into China’ reducing its global market share by 3 per centage points in the last 18 months to around 38 per cent now.

http://www.business-standard.com/article/companies/indian-apparel-sector-aims-to-increase-global-market-share-116092700881_1.html

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