2004: India's Garment Industry Is The Key Year
15 days ago, retail giant Wal-Mart rival Target co-chairman of Jaganath in India held a conference for global procurement.
Wal-Mart's delegation will gradually strengthen in India purchasing clothing and other products. This shows how the world viewed the 2004 Indian apparel industry signs.
According to the WTO Multi-Fibre Agreement, from January 1, 2005, the textile quotas will be lifted, India has become an important destination for global sourcing.
2004 will be India's garment industry the most crucial year in history. Indian apparel industry is accelerating to meet the challenges of non-quota regime. If you allow the better in 2004, is to improve the prospects for India's garment exports.
With the abolition of the quota system, India's apparel exports from the current six billion U.S. dollars in 2010 to grow to 25 billion U.S. dollars.
In 2003, India, several major apparel companies accelerated increase capacity to meet rising demand. These include Raymond Company, Zodiac company, Madura Garments and so on. They have done in South India plans large-scale garment manufacturing facility. The plant will be commissioned before the end of this year. This trend will become more apparent in 2004, because many small and medium enterprises seeking expansion of private capital are inhaled. Southern part of India's textile companies have completed plans to enter the apparel industry.
From the Indian garment industry sources said the merger between the clothing company is imperative, because the global retail giant eager to buy products from large units. Currently, India's leading garment export unit is in the process of merging. Apparel Export Promotion Council in India, the number of registered companies of more than 25,000 from last year fell to 5,000.
India has been doing a good job in 2004 after fierce competition with China to prepare. But China's garment export capacity close to 50 billion U.S. dollars annually, China's apparel production is much bigger than India. In a few years ago, the Indian outsourcing market is very fragmented fashion, mainly because of government policies, and in recent years, China has the capacity to add new clothing. China's labor force by the advantages of education and training in India can not match. At present, China has the world's 10 largest market share of the quota countries up 11.3%, while India accounted for only 3.2%.
Currently, India's garment export unit are asking the Government to amend the labor law to reduce the huge import tax differences. With the rupee against the U.S. dollar's value, 4-10 months in 2003, India's apparel exports to the United States fell by 11%, fell to 1.069 billion U.S. dollars. Exports to the EU increased by 20%. 4-10 months in 2003, India's quota to all countries, garment exports reached 2.417 billion U.S. dollars, an increase of 3 percent.
After a long slump, the luck of clothing company in 2003, improved operating performance. In 2003, as a good external environment, organized retail expansion, India's apparel sales were up 25% -30%.
India's leading apparel companies are planning to continue to promote sales. Garment industry that India's domestic market is still in a downturn.
2004: India's Garment Industry Is The Key Year
By: wuwu
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