The International Monetary Fund is predicting India to overtake China’s economic growth this year. The south Asian power nation has improved immensely its economy for the last few years. Its market indices are pushing in new highs. The different industries in India are outperforming each other. Specifically for the textile and apparel industry, market analysts predict that it will cross the $350 billion mark in the year 2025.
Many investors are confident that the boom in the textile industry in India will continue. The prediction that it will cross the $350 billion mark will potentially happen even before the year 2025 if the country diversifies into new product categories like the Man Made Fibers (MMF).
The government on the other hand has ambitiously set a goal of $650 billion by the end of 2025. In a trade expo of different textiles, the head of the industry expressed that the government’s standard might be too daunting to achieve. The $350 billion set by analysts is the more realistic goal to achieve within ten years.
The textile industry in India generated yearly revenue of approximately $100 billion. The exporting of apparels and textiles alone contributed to as much as $60 billion of the annual revenue. The market in China is perceived to reach an annual income of $300 billion.
The share of India in the textile industry is just about 4 percent compared to China’s 44 percent. The Indian businesses have a lot of hard work to do according to market analysts.
The Man Made Fibers (MMF) takes a share of 30 percent in the fiber consumption of the country in contrast to at least 70 percent in the world market. The high targets being set for the textile industry will only be made possible if the Man Made Fibers will tremendously grow. Once the MMF soars to new highs, fiber requirements in the country will also improve.
One aspect that India needs to give attention is the equipments and facilities of its production center. India needs to improve its production facilities and efficiency in order to eclipse other leading countries in the textile industry.