New textile categories & quality value adds, key growth drivers - ITAC2006
21 Apr '06
5 min read
He added that as political scenarios undergo a change, all restrictions would go away thereby making the environment extremely competitive. He stressed “We should not confine ourselves to natural resources but reach out to global resources to become a premier destination for textile sourcing”.
Highlighting the opportunities for growth in exports in the sector, Mr. Sudhir Dhingra, Chairman and Managing Director, Orient Craft said, “There is a tremendous opportunity for India to capitalize in intra-Asia and Asia to Europe trade through regional trade agreements and deeper penetration. Intra-Europe trade would reduce and hence present a great opportunity for Indian apparel industry to gain substantial market share”.
He further added that India needed to grow fast and consistently to reach US$ 25 billion by year 2010, apparel exports need to grow at a CAGR of 24%. He added “It's time we look at Asian markets and reduce dependency on the US and EU markets”.
According to Harminder Sahni, Chief Operating Officer, Technopak Advisors Pvt. Ltd, “At over USD 20 billion the Indian Apparel market is significant yet highly fragmented with not even a single brand or retailer having 1% market share. However this can be easily tackled by making the right product available at the right place, right time and to the right consumer at the right price. It is estimated that over the next 5 years one million middle class, one million earning and one million urban consumers will be added every month. Though there would be an overlap in these segments this unprecedented expansion of middle class and working population along with urbanization, and critical mass across segments means a huge opportunity for all consumer products including clothing. The need of the hour will be affordable, sufficiently fashionable, quality clothing.”
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