Being the second largest employment generator in the country the textile industry is booming at an exponential rate. According to Kearney’s ‘Retail Apparel Index’ India is ranked as the fourth most promising market for apparel retailers in 2009. Though the last financial year recorded a minor set back due to a dip in the export figures, experts still maintain the viewpoint that the industry is flourishing.
The statistics show that the demand for garments has started improving in the traditional markets and exports to some new markets have also started growing. With a keen eye on expanding into the emerging markets, the Indian textile industry decides to keep its focus intact. Even today the traditional markets are considered to be the core areas for growth. Handicrafts account for a huge portion of textile exports from India.
Thus, the South East Asian continent including countries like Japan and China; followed by Latin America (housing Brazil which is ranked as the most attractive emerging market for apparel retailers according to survey reports) and also the African continent is seen as major potential markets for expansion. At the National Garment Fair in Mumbai, Ms Kiran Dhingra, Textiles Secretary, said though the Textile Ministry is concerned over the demand slowdown in major western countries such as the US and Europe, new markets like Latin America, Africa and West Asia have good potential.
Some of the other emerging markets being focused by the textile and apparel makers for the last few years include , Russia, Australia and New Zealand as they offer good potential.
Minister of State for Textiles Panabaaka Lakshmi promises a growth of 15 percent in India’s textile exports for the current fiscal year 2013-14.
Although entry into new markets is never easy and is a long and tedious process. With the right strategies and focused approach the markets can be tapped successfully over time and the revenues can be increased.