After the setback that the fashion industry suffered because of the slowdown in global trade, the textile and apparel industry in India is in focus once again. However, this time it is good news. It has been estimated that the foreign investment in India’s apparel industry is growing rapidly. In the near future, it has been estimated that the foreign investments will grow at a more rapid rate.
Right now, the apparel exports are valued at about $22 billion. However, in the next one year, the exports are predicted to rise four fold. Since the European Union and the United States of America are the major buyers from India, as soon as their economies get back on their feet, some action may be seen in the Indian apparel industry.
This increased attention from the foreign buyers will help the textile industry create more jobs. This will also present an interesting opportunity for the sector to upgrade the technology and increase production. Overall, it will allow India to have about 4% share in the world clothing and apparel trade.
Today, the apparel industry is valued at about $40 billion. The aim is to increase this net value while also increasing the growth rate which is estimated to be 14% annually right now.
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