India's textile and apparel industry is once again brought into focus while negotiating trade involving the country.
While improved market access has fed optimism across sectors and manufacturers, it is still believed that long-term competitiveness will depend on far more than lower tariffs.
Exporters seeking a large share of global sourcing are looking for a supply chain that has resilience and faster production cycles.
This renewed interest comes at a time when the international brands are trying to diversify their sourcing strategies.
Buyers are exploring alternatives across Asia due to the geopolitical uncertainty, the changing trade dynamics and the need to reduce dependence on a single country's supply chains.
This gives an opportunity for the Indian manufacturers to position themselves as a long-term reliable sourcing partner rather than just a cost-effective supplier.
The manufacturers are focusing more on strengthening their global competitiveness rather than just looking at the potential tariff benefits.
While lower duty could improve the export pricing, the industry players believe that international buyers still want equal emphasis on the product qualities, sustainability and timelines of the delivery.
To capitalise on this rising global demand, the textile companies are now investing in automation, modern manufacturing facilities and higher-value segments such as the textiles and garment and home furnishings.
Exporters are also trying to work in partnership with international fashion brands seeking to diversify sourcing rather than restrict us to single traditional manufacturing hubs.
Experts say that the country could capture a lot share of global exports because of India's integrated textile value chain, skilled workforce and expanding manufacturing capacity.
However, they caution that the long-term success will depend on sustained investment in productivity, innovation and supply chain.
Whether Indian textile companies can convert the opportunity into lasting export growth or not totally depends on how consistent they are in execution and manufacturing. |
