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INDIA: Indian garment exporters may lose out to low-cost competitors

Garment exports from India show little signs of picking up this winter-autumn season, following a gradual shift of international buyers towards low-cost neighbouring countries. International bookings of garments have dropped sharply, although exporters slashed prices by 11-12%. “Major global buyers like Wal-Mart, JC Penney, Li & Fung, Gap and Target have indicated plans to cut offtake from India by 12-15% this year, while they are increasing their offtake in neighbouring countries,” said Rahul Mehta, president of the clothing manufacturing association of India. Countries like Vietnam and Bangladesh have lower import duties and cost of production enabling them to offer more competitive prices, said industry officials. According to the industry analysts, garment exports from India would be lower than Bangladesh, Vietnam, Indonesia and Combodia. It is expected that India would end up exporting garments worth $9 billion this fiscal, down by almost 10% compared with the last year. Bangladesh is expected to export worth $12 billion garments. Global buyers have also cut down purchases in the wake of a global meltdown and recessionary trends in western economies. Premal Udani, managing director of Kaytee Corporation said that the industry is likely to face further challenges, if the winter-autumn order booking fails to meet expectations. “Currently, bookings are 20-25% lower than the same period last year and sentiments are weak ahead because of gloomy outlook of textile industry,” said Mr Udani. Two relief packages and a 2% interest rate subvention in pre-and post-shipment credit up to September 2009, seem to offer little relief yet to the industry. Exports said that they had hoped for sops like scrapping of the fringe benefit tax and higher duty drawback rates. However, any further relief packages have been ruled out before Parliamentary elections, said a government official.

 

Added: February 20, 2009 Source: Agencies

 

 

 

 

 

     

Highlights of the Foreign Trade Policy

The Hon’ble Union Minister of Commerce & Industry, Government of India, had announced the Foreign Trade Policy on 8th April’05. Some of the Salient Features / Highlights of the proposals pertaining to Textile Industry in general and Handlooms in particular are. >> More

 

Salient features / Highlights of the Foreign Trade policy

 

Modern Processing Houses

The Indian Home Textile Industry has access to excellent infrastructure facilities and uses the latest technology and machinery.

Many manufacturers have set up state-of-the-art modern processing houses to roll out large volumes of high quality products to meet the international market demands and expectations. Needless to say that India’s Textile Exports have grown exponentially over the last decade.

Eco- Friendly Dyes: Use of Azo-Free Colours

The manufacturers in India are well aware that AZO free colours and dyes should be used. India has discarded the usage of banned materials in the dyeing process with safe substitutes, to ensure eco-friendliness of the products manufactured by the industry.