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Confederation of Indian Industry-Ernst & Young’s textile and apparel report 2007 has forecast a higher growth trajectory for India’s textile and apparel sector with sourcing from India by global retailers set to increase at a combined annual growth rate of 12 percent.
The expected sourcing market in 2008, which is anywhere between $22-25 billion, is projected to go up to $35-37 billion by 2011.
The trigger for this growth is likely to come from top global retailers who will seek to take advantage of India’s abundant multi-fibre based raw material, well established production bases, design capabilities and knowledge/skilled labour.
The Government’s pro-textile industry initiatives too will give fillip to retail sourcing from India, said the CII-E&Y report ‘India in Global textile econ-system’ released at the ‘CompTex 2007’ textile conference recently.
Of the $49-billion textile and apparel industry, the domestic industry accounts for $30 billion and the remaining is accounted by exports.
Most Indian textile companies are expanding capacities across value chain in areas like design, yarn, fabric, garments and retail forays.
Globally, the textile and apparel sectors on consolidation are also shifting to Asian countries and this has brought challenges and opportunities for the Indian textile industry, said Mr Ranjan Biswas, Partner and National Leader, Retail and Consumer Practice of Ernst & Young India.
The CII-E&Y report forecast the global textile/apparel trade to grow from the present $450 billion to $700 billion by 2010 and the demand for apparel and woven textiles to grow by 25 percent to about 35 million tonnes by then, of which 85 percent would be sourced from Asian countries.
The sector wise advantage for India is its strong position as the third largest cotton producer in the world and it accounts for 22 percent of global spindleage and 61 percent of global loomage.
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